Morocco guarantee system drives access to business financing

Morocco’s guarantee system has become a key pillar of business financing, with nearly eight out of ten funded projects relying on guarantees to secure bank credit. The Morocco guarantee system has evolved through more than 15 years of institutional reforms and now plays a central role in supporting entrepreneurship, investment, and innovation across the country.

According to Achraf Tarsim, Country Manager for Morocco at the African Development Bank (AfDB), the transformation began in 2009 when Tamwilcom, formerly known as the Caisse Centrale de Garantie (CCG), started building a modern guarantee framework. The initiative focused on identifying and measuring risks, updating internal procedures, and improving operational tools to strengthen confidence among commercial banks.

The reform process received support through two major AfDB-backed programs. The Inclusive Financial Sector Development Support Program was implemented in three phases, followed by the Resilience and Competitiveness Support Program for Microfinance Institutions in two phases. Together, these initiatives aimed to modernize Morocco’s guarantee architecture and improve access to financing for businesses that might otherwise struggle to obtain credit.

As the system matured, its coverage expanded beyond traditional business lending. It extended support to microfinance institutions and later played a critical role during the COVID-19 crisis. The Damane Oxygène guarantee product helped companies maintain liquidity, preserve operations, and avoid widespread bankruptcies during one of the most challenging economic periods in recent history.

Today, the guarantee framework supports startups, innovative businesses, and investment funds. The model is designed to assist entrepreneurs throughout the entire business lifecycle, from idea development and incubation to financing and growth.

A new stage of development began with the launch of Tamwilcom’s Jossour 2026-2030 strategy. The plan targets MAD 300 billion in total financing and MAD 170 billion in commitments over five years. The strategy seeks to strengthen the guarantee system’s contribution to economic growth while increasing support for innovation and private sector development.

The partnership between Tamwilcom and the African Development Bank is also expanding efforts to support women entrepreneurs. Through the AFAWA initiative, the AfDB is providing a $2.5 million grant to reinforce the Ilyaki guarantee product. The program aims to reach 8,700 women entrepreneurs by 2028 and improve their access to financing.

The evolution of Morocco’s guarantee system illustrates how long-term institutional cooperation can reshape financial inclusion. What started as a technical modernization effort in 2009 has developed into a financing mechanism that supports a significant share of business lending and investment activity across the country.