COVID-19: Morocco Assists Real Estate, Catering, Entertainment Sectors

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Morocco’s Economic Monitoring Committee (CVE) has launched several measures to support the real estate, catering, and entertainment sectors amid the COVID-19 crisis.

The committee, created to mitigate the negative impact of COVID-19 on the Moroccan economy, held its 10th meeting on Monday.

The CVE reviewed the measures launched in previous meetings and announced new mechanisms to assist businesses operating in the fields of real estate, catering, and entertainment.

Real estate companies can now benefit from a new loan guarantee program specifically tailored for the industry.

The “Damane Relance Promotion Immobiliere” program can guarantee investment loans for real estate projects with a value up to MAD 50 million ($5.42 million) per project.

Similarly to previously-launched guarantee programs “Damane Relance” and “Relance TPE,” the new program will prioritize real estate operators that can prove a significant drop in their revenue due to the COVID-19 crisis.

For Morocco’s catering and entertainment sectors, the CVE signed two different pacts.

Read also: Wedding Season Interrupted: How COVID-19 Impacts Moroccan Caterers

The first agreement aims to support caterers and wedding planners, as well as other operators involved in the organization of social events.

The agreement’s signatories include the Ministry of Economy, the Ministry of Industry, and the Ministry of Labor, as well as the General Confederation of Enterprises in Morocco (CGEM), the Professional Grouping of Banks in Morocco (GPBM), and the Federation of Moroccan Chambers of Commerce, Industry, and Services.

The second pact concerns operators in the field of games and entertainment. It mainly involves companies operating skating rinks, playgrounds, gaming clubs, karting rings, and amusement parks, among other entertainment venues in Morocco.

The second agreement’s signatories are the ministries of the interior, economy, agriculture, industry, and labor, in addition to CGEM and GPBM.

The main objectives of the two pacts are to protect companies from bankruptcy and maintain as many jobs as possible.

The CVE agreed to hold their 11th meeting in two months in order to review the new measures and their implementation.

Source: moroccoworldnews.com