France extends Morocco 750,000 Euro for expats' enterprise creation

The French Development agency signed on Wednesday with the Sindibad fund, an affiliate of the pension managing CDG, a 750,000 Euro subsidy to promote investments in rural tourism and innovating SME's by Moroccan expatriates.

France's ambassador to Morocco, Jean Grasset, stressed that the project is the first move in an "interesting" operation. He said the "co-development" project is one of the axes in the strategic cooperation between Morocco and the European Union.

The CDG's Sindibad fund was founded in December 2002 with an initial capital of 48 million Dirhams (4.4 Mln Euro) to finance and support new enterprises operating in the new information technologies and civil engineering.