Zawya
Silatech, FBPMC Launch Youth Loan Program in Morocco
Silatech and Fondation Bank Populaire for Microcredit set to provide financing to thousands of young entrepreneurs
Casablanca, Morocco. Silatech and Fondation Banque Populaire for MicroCredit (FBPMC) announced today in Casablanca a strategic partnership to create and launch Bodour (seed), a special youth loan that will open up access to financing for tens of thousands of young entrepreneurs in Morocco.
Scheduled to launch in June, Bodour is the first dedicated youth loan product of its kind in Morocco, and the largest product deployment of this type in the Middle East and North Africa (MENA) region. Bodourwill be backed by specially-trained loan officers prepared to serve young clients, who will also provide the basics of financial literacy.
The Bodour youth loan product is backed by a special Youth Loan Fund, for which up to 85m Moroccan Dirhams (US$10m) of loan capital is being provided by FBPMC. Silatech is providing financial and technical assistance to product design, staff training and marketing. Both partners are also creating a network of support institutions who will offer enterprise training and incubation, business development services, and market access solutions so that young entrepreneurs can get prepared, start their businesses, obtain funding, and grow them.
Announcing the partnership, Silatech CEO Dr. Tarik Yousef said: “We’re delighted to see that FBPMC, one of the leading microfinance institutions in the MENA region, regards young people as a large and untapped opportunity, rather than as a risk.” He added, “Silatech’s experience in designing youth financial services will help this project, one of the largest of its kind in the world, as it is launched in an important market like Morocco.”
“We see this initiative as extremely important for young Moroccans. Access to capital reinforces the entrepreneurial capacity of young people and enables them to contribute actively to building a strong Moroccan economy,” noted Mr. Mustapha Bidouj, Executive Director of FBPMC. “This project draws on the expertise of both partners, with FBPMC bringing its industry leading expertise in the provision of microcredit and Silatech bringing its regional knowledge in the field of youth financial services. Through this partnership, we will be able to extend our products and financial services to young people through an innovative approach that has proved successful in other countries. ”
This partnership in Morocco builds upon Silatech’s youth-focused microenterprise programming in five countries. With 12 financial institution partners, its youth microenterprise programs have impacted over 40,000 young people to date, and have helped more than 15,000 youth-run businesses start or grow, making Silatech the largest youth microenterprise support services provider in the Arab world.
About Silatech
Silatech is a social initiative, established to address the critical and growing need to create jobs and expand economic opportunities for young people. The initiative promotes large-scale job creation, entrepreneurship, and access to capital and markets for young people, starting first in the Arab world, where the highest rate of youth unemployment exists. Silatech was founded in January 2008 by Her Highness Sheikha Moza bint Nasser with broad support from other regional and international leaders.
For more information, please visit: http://www.silatech.com.
About Fondation Banque Populaire for MicroCredit
FBPMCis one of the largest microfinance institutions in the Maghreb region, and second largest in Morocco, with a loan portfolio of $175 million, held by more than 200,000 active clients, who are served by 1 575 staff and 342 branches. FBPMC, along with the government and other non governmental organizations, is strongly committed to the national effort to fight poverty and promote employment.
For more information please visit: http://www.fbpmc.ma
Media Contacts:Tarek Kassar Head of Communications and Outreach, SilatechTel: tkassar
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