King Mohammed VI calls for more loans to fund graduates’ projects

Presiding the opening of the parliament’s first session for this year, King Mohammed VI urged banks and financial institutions to provide more loans for young graduates and entrepreneurs.

King Mohammed VI presiding a parliament session. / Ph. DR
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On his Throne Day speech, July 29, King Mohammed VI announced the beginning of a «new era» that would be characterized by «new skills» and capable of handling challenges.

His plans were further explained, Friday, during the first session of the parliament he presided in Rabat. Speaking before the two chambers of the parliament, the Sovereign addressed the difficult situation of Moroccans, especially young graduates and entrepreneurs who want to start their own projects.

«I am fully aware of the fact that it is difficult to change certain mindsets within the banking sector», he acknowledged, revealing one of his projects for helping young entrepreneurs in the Kingdom.

«This is evidenced, for example, by the difficulty young entrepreneurs have in obtaining loans, and by the limited financial support provided to graduates and for the creation of small and medium-sized enterprises», he stressed.

A financial program

Hence, the sovereign urged in his speech the Moroccan «banking sector to show greater commitment and to be more effectively involved in the country’s dynamic of development  (…) by financing investment projects and supporting productive activities that would create jobs and generate income».

«In addition to the financial support they give to large businesses and companies, I am calling on banks to play a greater social role in promoting development, especially by simplifying and facilitating access to loans, by being more open to self-employment projects and by financing the creation of small and medium-sized enterprises».

King Mohammed VI

Furthermore, the Monarch called on «the government and the Moroccan Central Bank to coordinate with the Professional Grouping of Moroccan Banks in order to develop a special program to provide financial support to young graduates and fund small self-employment projects».

The King announced that he intends to follow very closely the evolution of this new process. «I will follow the different phases with the government and the rest of the stakeholders» in this plan, he concluded.

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