1. How was Morocco's guarantee system built?
When we look at Morocco's guarantee system and its effectiveness today, it almost feels as though it has always been there--an established and integral part of the financing landscape. In reality, however, nothing was guaranteed from the outset. Its story is one of patient, demanding, and collective institution-building, led by Tamwilcom with the continuous support of the African Development Bank Group.
The journey began in 2009 as part of the first financial sector reforms that we supported. At the time, Tamwilcom--then known as the Central Guarantee Institution (Caisse Centrale de Garantie)--laid the foundations for a system that still had to be largely built from scratch.
The initial work was highly technical: understanding risks more effectively, mapping them, making them more transparent and measurable, and then gradually revising procedures, modernising tools, and structuring guarantee mechanisms. This deep transformation progressively strengthened the system and enhanced banks' confidence.
Today, this momentum is entering a new phase. The recent launch of the "Jossour 2026-2030" strategy marks a new milestone. This vision aims to consolidate past achievements and position the guarantee system as an even more strategic driver of economic growth and innovation financing in Morocco.
2. What were the key stages in modernising the guarantee system?
As I mentioned earlier, our first project, within the framework of our support operations for Tamcilcom, was to better understand risks in order to modernise the tools and deploy guarantee products more effectively
Very quickly, however, it became clear that if Tamwilcom wanted to expand access to finance for entrepreneurs and micro, small and medium-sized enterprises, it would need a guarantee system that was both robust and credible. Without such a system, banks would remain reluctant to take on additional risk.
This long-term effort was supported through two major Bank Group-financed programs in support of the reforms led by Tamwilcom: the Inclusive Financial Sector Development Support Program, implemented in three phases, and the Resilience and Competitiveness Support Program for Microfinance Institutions, implemented in two phases. Altogether, these five budget support operations pursued the same objective: strengthening and modernising Morocco's guarantee system.
3. How has the guarantee system evolved in terms of its scope of intervention?
Its scope has expanded significantly over time. The system first extended its support to microfinance institutions. Then, when the COVID-19 pandemic struck, it adapted once again to meet urgent needs.
Many will remember the "Damane Oxygène" guarantee product, which provided emergency support to businesses, helped preserve their cash flow, and prevented a wave of bankruptcies.
Today, a new chapter is unfolding. The guarantee system now supports start-ups, innovation, and investment funds. The vision has become much broader: accompanying entrepreneurs throughout their entire journey--from the initial idea and incubation stage to access to guarantees and business growth.
4. What results have been achieved, and what lies ahead?
The results speak for themselves: nearly eight out of ten projects would not have received bank financing without the guarantee system, representing an additionality rate of 80%.
A new initiative is also being rolled out: a USD 2.5 million grant provided through the AFAWA (Affirmative Finance Action for Women in Africa) initiative to support, among other efforts, Tamwilcom's "Ilyaki" product dedicated to women entrepreneurs. The objective is to support 8,700 women entrepreneurs by 2028.
For more than 15 years, our support has been part of a continuous operational partnership built on trust between our two institutions. And this story is far from over. With the launch of the "Jossour 2026-2030" Strategy just a few days ago, we are committed to going even further together--strengthening the role of the guarantee system and ensuring that it remains a central pillar for financing Morocco's economy and innovation ecosystem.
