A new support and financing mechanism for accelerating the upgrade of Classified Tourist Accommodation Establishments (EHTC), called “Cap Hospitality”, was launched on Wednesday in Rabat, in the presence of several ministers and senior officials. The result of an agreement between the Ministry of Tourism, Crafts, Social and Solidarity Economy, the delegated ministry 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. 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 deferment. 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, Crafts and Social and Solidarity Economy, Fatim-Zahra Ammor, insisted on 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 hotel 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 achievement 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 profound transformation through combination of state and banking interventions. The State, in particular, plays a key role by covering all of the banking interest generated by the loans concerned. 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 an energy efficiency program, 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.
