The government is launching a program to modernize the hotel portfolio, a decisive step for Moroccan tourism. It provides for the granting of credits of up to MAD 100 million to hoteliers. The State takes care of all the interests
A new support and financing mechanism for accelerating the upgrade of Classified Tourist Accommodation Establishments (EHTC), called Cap Hospitality, was launched on June 26 in Rabat, in the presence of several ministers and senior officials.
The result of an agreement between the Ministry of Tourism, Handicrafts, Social and Solidarity Economy, the Ministry Delegate in charge of the Budget, the Mohammed VI Fund for Investment (FM6I) and the Moroccan Society of Tourist Engineering (SMIT), this mechanism aims for a target objective of 25,000 rooms and an expected impact of a maximum of 4 billion dirhams (MMDH) of investment.
Cap Hospitality represents a decisive step towards the modernization of Morocco’s accommodation capacity, in response to the continued increase in tourist arrivals and in view of upcoming sporting events such as CAN 2025 and the 2030 World Cup, for which Morocco aspires to offer impeccable quality hospitality.
This mechanism represents a unique and time-limited opportunity for EHTCs. This approach will also help them improve the quality of accommodation in order to comply with Law 80-14 which is currently in an advanced phase, particularly in terms of classification.
A loan covering investments from 3 to 100 MDH
Covering the period 2024-2025, this unique system provides for the granting of a credit where the State covers all the interest, for the benefit of EHTCs with an upgrade project. This loan covers all investments ranging from 3 to 100 million dirhams (MDH), with a maturity of up to 12 years including 2 years of deferral.
The eligibility of EHTCs will be confirmed by the Ministry of Tourism, Crafts, Social and Solidarity Economy and SMIT, based on pre-established criteria. The agreement on the joint credit, for its part, will be confirmed by the banks.
Speaking on this occasion, the Minister of Tourism, Handicrafts and Social and Solidarity Economy, Fatim-Zahra Ammor, stressed the need to accelerate investments in tourist accommodation, noting that this initiative constitutes a unique opportunity to modernize facilities and improve services, integrating cutting-edge technologies to offer memorable experiences to visitors.
For his part, the Minister Delegate to the Minister of Economy and Finance, in charge of the Budget, Fouzi Lekjaa, underlined the importance of preparation and investment in infrastructure, including the improvement of capacities necessary to meet the needs of the 2030 World Cup.
As for the Minister Delegate to the Head of Government, in charge of Investment, Convergence and Evaluation of Public Policies, Mohcine Jazouli, he highlighted the importance of the tourism sector to achieve national objectives, including the realization of 550 billion dirhams of investment and the creation of 500,000 jobs by 2026 as part of the implementation of the new Investment Charter.
For the general director of FM6I, Mohamed Benchaaboun, this initiative is not limited to superficial improvements, but aims for a profound transformation through a combination of state and banking interventions. The State, in particular, plays a key role by covering all of the bank interest generated by the loans concerned.
Several regions include a significant number of dilapidated or even closed tourist accommodation units, a situation which negatively impacts the attractiveness of the destination, whether for tourists or investors. The upgrade of the hotel park has thus been placed as a strategic project of the 2023-2026 roadmap in terms of tourist offer.
It should be noted that Cap Hospitality is aimed at all EHTCs in the Kingdom that have not been renovated in the last five years. It covers a wide range of services, including renovation and upgrading work, the acquisition of furniture and equipment, the acquisition of an EHTC coupled with a renovation program, the implementation of a program energy efficiency, etc.
EHTCs wishing to benefit from this mechanism will be able to submit their eligibility request via the dedicated digital platform https://smit.gov.ma/caphospitality, which will be put online on July 15, 2024.
