(Ecofin Agency) - Moroccan credit institution Caisse Centrale de Garantie (CCG), announces that in Q1, 2019, it granted MAD5.46 billion ($571 million) in credit guarantees to local SMEs. On a year to year basis, this represents a 33% rise.
The institution explains that this is due to the enhancement of the micro company’s financing mechanisms. For instance, the Damane Atassyir mechanism helped grant MAD2.14 billion credit guarantee to firms during the quarter under review.
Some of the credit institution’s mechanism also helped fund the creation, expansion and restructuration of firms during Q1, 2019.
As far as individual clients are concerned, the institution adds that during the period under review, it granted MAD883 million in credit guarantees to 6200 people.