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Morocco launches fund to support startups

IANS 

Rabat, Oct 30 (IANS/MAP) Morocco launched on Monday the "Innov Invest Fund", an investment offer of 700 million Dirhams to seed stage companies and innovating small and medium enterprise (SMEs) in the country.

The fund is aimed at reinforcing the equity financing offer in favour of Moroccan innovative startups with a strong growth potential.

Speaking on the occasion, Minister of Economy and Finance, Mohamed Boussaid, said that the fund will offer funding-for-equity through smart debts to 300 project holders.

The fund offers real opportunities in terms of support and funding for startups and innovative project holders, the Minister added.

Senior economist at the World Bank, Randa Akeel said the fund is aimed at boosting Morocco's venture capital market and supporting young Moroccan entrepreneurs.

She noted that the World Bank contributed by $50 million to the project.

--IANS/MAP

soni/vm

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, October 30 2017. 20:42 IST
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