“Financement.com” Integrates into the Banking System: New Guarantees for Public Enterprises and Major Investments
Public enterprises have entered a new phase in obtaining financial guarantees, as these assurances are now provided through the National Company for Guarantee and Financing of Enterprises, commercially known as “Financement.com.” The aim of this shift is to incorporate this mechanism into the legal framework and practices adopted by banks, including capital requirements, risk management, liquidity, and interest rates.
According to directions from Bank Al-Maghrib, “Financement.com” is now required to calculate capital based on the risks it faces, whether credit, market, or operational risks, while maintaining a minimum financial solidity threshold of 12% and a 9% first-class capital ratio. The system encompasses all potential risks, including interest rate risk, financial concentration, and liquidity.
The company covers these risks through three levels: initial provisions based on sectoral criteria, a reserve fund from profits not distributed to shareholders, and finally, the company’s own capital. This means that guarantees are now issued in a more controlled and transparent manner, with the guarantor stepping in only when necessary as a last safety line.
In terms of beneficiary enterprises, the National Motorway Company (ADM) leads the list, accounting for 37% of total guarantees on domestic debt as a result of expansion and maintenance projects for the road network, which require substantial resources. It is followed by the National Railways Office (ONCF) at 27.2% and the National Office for Electricity and Drinking Water (ONEE) at 22.5%, all of which are linked to significant investment projects, some of which are associated with the organization of the 2030 World Cup.
Recent data indicates that the total guaranteed domestic debt has reached 55.9 billion dirhams, including 29.9 billion in direct guarantees and 26 billion through “Financement.com,” representing 3.6% of the Gross Domestic Product. These developments illustrate a move towards enhancing the regulation of financing and large investments in a more efficient and transparent manner.
