Morocco, Quebec set up $ 50 million risk-capital

Morocco's "Caisse de Dépôt et de Gestion" (CDG) and Quebec's "Caisse de Dépôt et de Placement" (CDPQ) signed in Rabat Tuesday documents setting up a risk-capital fund of $ 50 million to help promote financing of small and medium enterprises (SME).

The fund to accompany strong growth potential SME and help nascent enterprises gets from the CDPQ $ 10 million and transfer of know-how and expertise in the trade of investment-capital.

CDG provides another $ 10 million confirming its lead as the kingdom's first institutional investor and a key instrument for mobilization and transformation of savings in the country. Moroccan and foreign investors would be contributing $ 10 million of the Fund which will start operating with a total $ 30 million.

CDG general manager Khalid Kadiri said only new and developing firms will benefit from the fund which means to encourage undertakings in telecommunications, information technology, agribusiness and tourism.