Italy opens 15.5 million euro credit line for Moroccan small and medium-sized enterprises

The Italian government decided to open a credit line of 15.5 million Euro for Moroccan small and medium-sized enterprises.

The loans, to be paid back on 7 years, carry a 5.25% interest rate, Serena Massimi from the Italian cooperation department said.

Speaking at an information day held in Casablanca Monday by the committee of Italian operators in Morocco and the Italian commerce chamber in Morocco under the theme "Morocco and Italy, together for enterprise upgrading", Massimi said that to help the private sector improve its competitiveness, the Italian government set up a program based on technical assistance and financial support.

Units of investment promotion (UPI) will be managing these programs and helping operators with their projects and business plans and find commercial and industrial partners either in Morocco or abroad. They will also help them find financing sources, she said.

The credit line is restrained to enterprises which have conceived employment-generating projects, and whose sales does not exceed 75 million Dirhams (US $ 6.5 million).