Morocco-Canada $ 30-million joint fund starts activities
Morocco-Canada, Business, 1/30/2002

Acces Capital Atlantique SA (ACASA), a US$ 30 Million Moroccan-Canadian venture capital fund, was officially launched in Casablanca by the two partners, Morocco's Caisse de Depot et de Gestion (CDG) and Canada's Caisse de Depot et Placement (CDP).

The venture will manage for its institutional customer a US$ 30 million fund invested in Moroccan small and medium sized enterprises involved mainly in telecommunications, information technologies, agri-business, fishing and tourism.

The joint venture will focus activities particularly in non-listed, new and expanding companies which have a strong potential of innovation, partnership and strategic alliances.

The fund will be exclusively investing in Morocco and will not take more than 15% shares in the same companies nor more than 15% in enterprises working in the same sector. Minimum investment is set at 5 million Dirhams (US$ 0.43 Mln) and maximum investment shall not exceed 35 Mln DH (US$ 3.04 Mln).

Other Moroccan partners are Wafa Assurance, AXA Assurance, Compagnie nationale et intercontinentale d'assurance (CNIA) and Mutuelle Marocaine MAMDA.

Since 1998, CDP Advisory Services has been working closely with CDG on information technologies, portfolio management and the transfer of expertise to CDG managers. These collaborative efforts have strengthened the connections between the two institutions.

"With this new fund, CDP Capital's private equity group is making its expertise and know-how available to Moroccan SMEs, and CDG is contributing its knowledge of the local market. These combined strengths will no doubt ensure ACASA's success," said Jean-Claude Scraire, Chairman and Chief Executive Officer of the Caisse de d?p?t et placement du Qu?bec (CDP) and Chairman of CDP Capital.

Previous Stories:
  Morocco, Quebec Create Joint Financial Company   (1/26/2002)
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