The loans granted under the FORSA program are worth 10,000 dirhams and aim to promote the development of emerging businesses
Morocco’s Ministry of Tourism has begun funding beneficiaries of the FORSA program, a program that provides the opportunity to teach successful business ventures.
According to the press release, the first “funding commissions” have already been approved in different regions of the country after the same approval was issued for the first batch of financial support for the selected projects.
According to the ministry, over the next few weeks, processes will be accelerated to try to fund a total of more than 10,000 projects before the end of the school year. They indicate that “the phases of selection, scoring of applications and interviews by the regional selection commissions have reached an advanced stage”, which will be completed in the coming weeks. The next few months will also be devoted to the preparation of the “funding file”, which will include business plans and administrative files.
They point out that both the plans and the files are two fundamental elements of the process to benefit from the scheme. So far, a total of 10,438 students have registered for the program on the platform and at least 5,070 projects have already completed their training and are being mentored by experts and supported by courses in llne.
The project promoters are divided into groups in the different regions of the country and are closely monitored and trained by the program staff with the aim of transforming ideas into projects and transforming an already developed project into a successful business.
After the training, the selected projects will be able to benefit from a funding of up to 100,000 dirhams, or nearly 10,000 euros, to be reimbursed over a maximum period of ten years, with a deferral period of two years.
Announced by the Government on March 11, this ambitious program has a total budget of MAD 1.25 billion for 2022 alone. The objective is to empower young entrepreneurs by providing technical and financial support for the creation and improvement of start-ups by all Moroccans over the age of 18.
The FORSA program is part of the New Development Model, promoted by the Moroccan government, which aims to position Morocco as a “pioneer economic power” in North Africa through the development of different economic plans over a period of just over ten years old.
