Investment / co-investment funds

Ithmar Capital was created as a multi-sectoral strategic fund which aims to promote investment in all the productive sectors of the Kingdom through participating in the capital of companies specialized in growth-generating tourism projects and initiating joint-ventures with international partners.

Real estate investment scheme ‘OPCI’

The regulatory framework was implemented for creating real estate investment scheme (OPCI) as a financing vehicle for construction programs of real estate units for commercial use (including hotels).

Guarantee fund

The purpose of the guarantee fund is to guarantee medium and long term bank loans intended for financing projects of accommodation and/or tourism promotion.

The companies under the Moroccan law are entitled to guarantee of the ‘Fund’ if they submit an investment program that aims at the creation of accommodation capacity (excluding luxury tourism residences), and/or include components in tourism and leisure.

The guarantee covers long terms bank loans granted for developing hospitability projects and/or tourism and leisure for up to 60% of the project loan principal located in the integrated resorts of the “Azur Plan” and 50% of the project loan principal located outside of such resorts. The limit of guarantee by project is MAD 50 million.

Other mechanisms are implemented to facilitate access to financing by debt, these include the following points:

Loan guarantee

The Central Guarantee Fund has as a main objective to guarantee the investment loan.  This guarantee will facilitate the access of hotel owners and developers to the bank loans they will need to implement their projects of creation, expansion or refurbishment that are as stated in their agreements with the banking institutions. The loan guarantee is capped at MAD 20 billion by project and 20 per company.


Renovotel is a fund co-financed with the banks dedicated to upgrading tourism accommodations.

It is intended for financing investment projects in tangible and intangible capital, excluding expansion of bed capacity but including aspects related to both the hotel refurbishment and repositioning in order to improve the quality of services.

Moussanada Siyaha 

The Moussanada Siyaha mechanism was established to strengthen the competitiveness of tourism companies. This mechanism aims at supporting more than 600 tourism SMEs by the year 2020 in their efforts to upgrade and improve competitiveness.
This support is done through the grant of studies, services and consultations on various areas of the organization and the firm, carried out by experts or engineering offices referenced from the National Agency for the Promotion of Small & Medium Firms (ANPME).

Strengthening and adapting the incentive framework in force is a crucial measure to support the investment dynamics and direct investment to growth-generating projects.

Professional training assistance

The investor can benefit from the assistance of the National Agency for the Promotion of Employment and Skills (ANAPEC), for the recruitment of its staff and can also, when appropriate, benefit from what follows:

Advantages provided for by the employment promotion measures in respect of IDMAJ and TAEHIL programs under special training contracts for training employees according to the rules defined by the procedures handbook in effect.