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CAISSE CENTRALE DE GARANTIE :CCG’s Challenges
Global Conference on Guarantee Schemes for SME Financing
Tallinn, June 8th 2011
Taoufiq LAHRACH
Some Information about Morocco
• Population : 31 Million
• GDP : 779 Billions MAD (1 Euro = 11.4 MAD)
• Debt : 49.3 % of GDP
• Treasury Bond (Maturity 5 years) : 3.93%
• Bank Credit to the Economy: 530 Billions MAD
• Bancarisation Rate : 50%
• Market Capitalisation : 532 Billion MAD
• Fitch – S&P Rating : BBB/Stable
2
-
200.00
400.00
600.00
800.00
1,000.00
1,200.00
1,400.00
Issu
ed
Gu
ara
nte
eM
illi
on
MA
D
Years
Issued Guarantee Trend 1998-2010
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SME’s GuaranteeFund
•Investment Loans• Contract Abroad
•Young entrepreneurs• Restructuring•Upgrading•Culture’s project
1998-2008 : Each need Each offer EachFund Since 2009 : 1 Fund for different needs.
Guarantee
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• Creation• Development• Restructuring•Working capital• Venture capital
OBSTACLES
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Bureaucracy Complexity of the ProceduresRigidity in the Treatment of FilesLack of Proximity in the FieldPayementRestrictive ConditionsAcademic Vision of the SME
STRENGTHS
WEAKNESSESFinancial solidity (under State’Control)Credibility of the signatureCompetence of employeesvailability & Amiability of the StaffImproving the profitability of the banksSocial organization improveing investment
BAROMETRIC STUDY ON THE REPUTATION AND IMAGE OF THE CCG
OBSTACLES
Revision of the National Guarantee System (NGS) : 2007
Study piloting :Ministry of Finance, Central Bank, CCG, Dar Ad Damane and CaisseMarocaine des Marchés.
Several Actors Dilution of Public Efforts Limited Impact
State of NGS
Rationalize the NGSRethink its ArchitectureStrengthen its InterventionCapacity
Main Targets
Ministry of Finance
Revision ofNGS
Retained Script:
1. State: Central Actor of NGS2. CCG : Only Operator of NGS3. SME : Priority Target
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Reengineeringprocess forHeightening Rapidity
Regional Deploymentfor More Proximitywith Banks and SMEs
Setting of a New strategy
Development Plan 2009-2012
Axis I Axis II Axis III
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New Offer Adaptedto the Life Cycle ofthe SME
Axis I : New Guarantee Offer
SME
VentureCapital
WorkingCapital
DevelopmentFinancial
Restructuring
Creation
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(i) Generic Offer• Covering Financing needs: Following SME’Life Cycle• Opening to all Economic Sectors
MLT Newoffer
Leasing
VentureCapital
Workingcapital
Offer Before New NGS
Axis I: Guarantee Offer
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(ii) Multiple Financing Modes
Diversification of Financial Modes
(iii) Adapted Parameters &Risk Sharing, in Terms of :
•Guarantee Coverage Rate•Risk Ceiling•Guarantee Fees•Lim Enterprise
MLT offer
IssuingGuarantee
Following Up Payment Reconvring
Target : Elimination of redundant activities not having added values during the guarantee life cycle
•Decision process•Dematerialisation•Standardisation of
Risk Analysis.
•Limitation toEvents Impactingthe Risk.
•Adoption of theFinal LossConcept.
•Délégation toBanks.
Implenented actions
Axis II: Reengineering process Based on value analysis & Subsidiarity Principle
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Axis III: Regional representation
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•Ensure proximity to SME by exercising an advisory role•Accompagny the local banking network.•Pave the way for a new regional dynamic.
Opening of Business Centers
Production
1.041.061.081.10
1.12
1.14
1.16
1.18
1.20
1.22
1.24
PrévisionsRéalisations
Prévisions
Réalisations2009
2010
1.11
1.231.24
1.23
SME’s activity (Billion MAD)
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Quotations profile
0% 2%
9%
36%
20% 18%
8%
1% 2% 1% 2%
A B+ B B- C+ C C- D+ D D- E
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Perception
Subsidy = CostCenter
HistoricPerception
Impact
DesiredPerception
Ministry of Finance
Endowment
CCG
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Ambitions
Entreprises’Target2015 : 1% GDP
Real Strength ofProposal
Expectations
Financial institutionsound, strong and
viable withsustainable resources
Framed DiscretionaryManagement
Ambitions and expectations
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THANK YOU FOR YOUR ATTENTION
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