A Major Reform That Changes the Game for Investors

The new Moroccan Investment Charter (framework law 03-22) represents an unprecedented opportunity for businesses. An investor who commits 10 million dirhams to their project can recover up to 3 million in the form of a government grant. No repayment required.

This ambitious reform aims to raise private investments to two-thirds of total investments by 2035. However, many entrepreneurs are still unaware of the mechanisms of this charter or hesitate due to the apparent complexity of the procedures.

The Three Financing Mechanisms

The Investment Charter revolves around three main mechanisms, each tailored to a different business profile.

The Main Mechanism

This mechanism is aimed at large-scale projects that meet one of the following two criteria:

• Creation of more than 150 jobs (no minimum investment threshold)

• Investment of at least 50 million MAD with the creation of at least 50 stable jobs

The grant can reach 30% of the eligible investment amount through a system of cumulative bonuses:

• Employment/CAPEX Bonus: 5% to 10%

• Territorial Bonus: 10% to 15% depending on the area

• Sectoral Bonus: 5% for priority sectors

• ESG Bonuses: up to 12% (gender approach, sustainable development, local integration)

The SME Mechanism

Specifically designed for small and medium-sized enterprises, this mechanism targets companies with a turnover between 1 and 200 million MAD and investment projects between 1 and 50 million MAD.

The focus is on job creation with a minimum jobs/investment ratio of 1.5 (1 for tourism). SMEs also benefit from territorial and sectoral bonuses that can raise the grant to 30%.

The Strategic Mechanism

Reserved for projects of at least 2 billion MAD that have a major national impact: water security, energy, food, Morocco's international influence, or strategic technological development.

How to Maximise Your Eligibility

Obtaining optimal funding requires a strategic approach from the project's inception.

Structuring the Investment

The same project can benefit from very different grant rates depending on its structure. For example, a 50 million MAD investment structured in a conventional manner may receive a 15% grant (7.5M MAD). The same project, restructured to maximise the accumulation of grants, can achieve 30% (15M MAD).

This difference of 7.5 million MAD arises from a better consideration of territorial, sectoral, and ESG criteria from the planning phase.

The Territorial Criteria

Provinces and prefectures are classified into categories A and B according to their level of development. A project located in zone B benefits from a territorial grant of 15% compared to 10% in zone A. This difference may warrant a thorough consideration of the project's optimal location.

The ESG Approach

Grants related to environmental, social, and governance (ESG) factors represent a significant portion of the funding potential. Gender approach (3%), sustainable development (3%), and local integration (3%) can add 9% in grants if these criteria are properly integrated into the project.

The Importance of Expert Support

Given the regulatory complexity and significant financial stakes, many companies choose to be supported by experts in project financing.

Professional support allows you to:

• Precisely identify your eligibility

• Optimise the project's structure to maximise grants

• Prepare a compliant file from the first submission

• Save several months in the funding process

• Secure the actual payment of the grant

Specialised firms like TARGETUP CONSULTING, led by Dr. Ismail JENDABI (certified PMP®, Lead Auditor IRCA, and Master Black Belt), offer end-to-end support with a guarantee of results.