This mechanism provides for, subject to regular repayment by the EHTC, a quarterly reimbursement by the State of the interest expense arising from the Joint Credits (bank debt + subordinated debt) used to finance establishment upgrade programs.

Accordingly, EHTCs benefiting from this mechanism will be credited by their bank with the amount of regular quarterly interest that the State will transfer to the banks through FM6I (as long as the joint credit remains classified as "performing" at the bank).

Les sociétés bénéficiaires du crédit conjoint doivent s’engager à : 

• Ne pas opérer de réductions du capital sans l’accord express des prêteurs ;
• Ne pas procéder à un changement d’actionnariat sans l’accord préalable des prêteurs ;
• Ne pas utiliser le crédit conjoint pour remboursement de créances existantes (dettes actionnaires et dettes bancaires) ou le reprofilage de crédits existants. Le crédit conjoint est exclusivement dédié au financement des nouveaux investissements ;
• Ouvrir leur établissement d’hébergement touristique à l’exploitation dans un délai ne dépassant pas dix-huit (18) mois à partir du 1er tirage sur le crédit (qui devra intervenir dans les 6 mois à compter de la signature du contrat)
• Recourir à une gestion professionnelle.

Companies operating Tourist Accommodation Establishments meeting the following criteria:

• EHTCs that have not undergone renovations for more than 5 years, or within the framework of EHTC expansions, or related to EHTCs that have ceased operations, subject to acquisition across the entire Moroccan territory
• Be up to date with their tax and social obligations.
• Justify a minimum of 3 years of activity with the presentation of certified financial statements
• Not be under conciliation, safeguard, receivership, or judicial liquidation
• Have a bank rating that does not correspond to the "Default risk" class
• The company and its shareholders (individual or legal) must not have any downgraded debt, starting from sub-standard, with the bank at the date of joint credit granting
• Have a debt ratio before the joint credit setup: outstanding short, medium, and long-term credits (including outstanding bond debts and excluding lease liabilities) from the latest closed fiscal year balance sheet / EBITDA less than or equal to 5

• The land component is not financeable except in the case of an asset acquisition.
• Studies and the initial working capital requirement, duly justified, must not exceed 5% of the investment program.

• Submission of funding requests by EHTCs through a digitalized platform accessible from 07/15/2024 (smit.gov.ma/caphospitality)
• Review of eligibility by SMIT for the EHTC under the mechanism, and notification to the EHTC, banks, FM6I, and Tamwilcom
• Receipt by SMIT of confirmation of the electronic file transfer to the bank
• Review of the joint credit request by the Banks, and signing of the joint credit contract with the EHTC following approval of the joint credit

CapHospitality is a scheme that provides for the reimbursement of interest by the State, benefiting EHTCs that have an upgrade project and wish to use a loan to finance it.

• Renovation and expansion work of the EHTC;
• Work to meet safety and accessibility standards;
• Acquisition of new equipment, furniture, and materials;
• Acquisition of an inactive EHTC, combined with a renovation program for the EHTC;
• Implementation of an energy efficiency program within the EHTC.