Our Activities


The Fund assists in the design and financial structuring of investment projects.
It also contributes to the financing of projects and companies through direct and indirect investment in equity, quasi-equity or debt.

Areas of interventionModes of interventionSubordinated debt

Subordinated debt

CapAccess is a subordinated debt product designed for Moroccan companies aimed at financing their investment projects in conjunction with a bank loan. This initiative seeks to foster financial inclusion, by offering complementary financing sources to companies, particularly in a challenging economic environment, marked by significant undercapitalization.

This innovative product, exclusively dedicated to financing new investments, was developed by the Mohammed VI Investment Fund to encourage companies to carry out their investment projects and to relieve the equity constraint typically required by the banking system.

The objective of the Mohammed VI Investment Fund throughout this product is to:

  • Accelerate the pace of investment carried by Moroccan companies;
  • Address and/or alleviate the capital constraint generally required by banks through the introduction of a subordinated debt tranche in the financing plan;
  • Facilitate access to financing for companies that have been refused bank financing due to insufficient equity.

As a whole, CapAccess aims to strengthen the financial resources of Moroccan companies and enable them to finance their investment projects even when they are unable to provide the entire equity level required by banks.

CapAccess Characteristics

Financing investment projects for eligible companies.

A maximum of 30 million dirhams, within the limit of the company's equity, including the equity contribution planned to finance the investment.

  • The repayment period is 3 years longer than that of the bank, without exceeding 12 years.
  • The principal grace period is twice the grace period granted by the bank, with a maximum of 5 years.

  • 2/3 senior bank debt
  • 1/3 subordinated debt “junior credit”

  • Rate freely negotiable with the bank for senior credit
  • Fixed rate of 5.50% HT for CapAccess credits granted in 2024

The CapAccess loan will benefit from the same guarantees as the senior loan granted by the bank. Given the subordinated nature of CapAccess and in the event of the enforcement of the security package, proceeds will first go towards repaying the bank loans before starting to repay the CapAccess loan.

Advantages offered by CapAccess

  • It leverages traditional debt and meets banks’ equity requirements;
  • It is non-dilutive (no capital inflow), thus reducing distribution time;
  • The pricing conditions of the subordinated debt are highly advantageous for the company and do not reflect the subordinated ranking of the debt;
  • It features flexible implementation arrangements with the support of the banking system;
  • No set up fee for subordinated debt is charged to the companies benefiting from this product.

Viable companies incorporated under the Moroccan law meeting the following criteria are eligible to CapAccess financing:

  • A turnover of between 10 and 500 million dirhams;
  • Having at least 3 years of activity, with certified financial statements;
  • Having a bank rating that does not correspond to the "Default Risk" category;
  • Not being in conciliation, safeguard, receivership or judicial liquidation;
  • Company and its shareholders (natural or legal) that do not have any debt classified from pre-doubtful debts with the Bank as of the date of granting the syndicated loan;
  • With a Debt-to-EBITDA ratio of less than or equal to 5. For ratio calculation purposes, debt correspond to the sum of outstanding short, medium and long-term loans (including outstanding bond debts and excluding leasing) which appear on the balance sheet of the last financial year closed.

It should be noted that the eligibility of projects carried by newly created companies will be assessed on a case-by-case basis.

CapAccess is open to all economic sectors, except of sectors presenting major negative impacts on the environment, society or governance. The list of exclusions can be consulted through your bank.

CapAccess will be distributed across the entire network of partner banks throughout Morocco. Eligible companies wishing to benefit from it to finance their investments are invited to submit their financing request directly to their respective banks, which will act as the sole contact point for companies throughout the process.

The process starts with the company initiating a request for a new investment loan to finance its investment program. The process is as described below:

  • The company Initiates the financing request through its bank;
  • The bank conducts an assessment of the credit request;
  • The bank approves the senior bank debt;
  • The bank Submits the financing request by the bank to Tamwilcom, acting as CapAccess product manager, for review;
  • Tamwilcom notifies the bank regarding the decision on granting the subordinated debt;
  • The bank then prepares the necessary loan documentation (for both senior and subordinated debt) and executes the implementation process. This includes signing of the syndicated loan contract, registration of securities and disbursement of the loan;
  • The company is informed of the comprehensive loan amortization schedule covering both bank debt and subordinated debt.

The minimum amount of CapAccess is 1 million dirhams, as part of a syndicated loan of at least 3 million dirhams. The minimum amount for eligible investment project is then 3 million dirhams

The maximum amount of CapAccess is 30 million dirhams, within the limit of the company's equity. The amount of CapAccess will range from 0% to 50% of the senior loan amount granted by the bank. There is no maximum amount in terms of investment projects.

  • The product offers a clear, transparent and very attractive pricing. Indeed, given the characteristics of the CapAccess loan (longer maturity, longer grace period, subordinated ranking in relation to the bank, etc.) CapAccess should have a much higher pricing compared to that offered the bank. However, the Mohammed VI Investment Fund has chosen to offer this product at very attractive rates to encourage companies to pursue their investment projects. Thus, CapAccess is offered at a fixed interest rate of 5.5% excl. VAT for all loans granted in 2024.
  • The Fund does not charge any appraisal fees to the company.
  • The repayment period of CapAccess is 3 years longer than that of the bank, without exceeding 12 years.
  • The grace period for principal repayment is twice the grace period granted by the bank, with a maximum of 5 years.
  • The CapAccess credit will benefit from the same security package as the senior loan granted by the bank. Given the subordinated nature of CapAccess and in the event of enforcement of the security package, proceeds will first go towards repaying the bank loans before starting to repay the Capaccess loan.

As a signatory to the United Nations Principles for Responsible Investment, the Mohammed VI Investment Fund pays particular attention to environmental, social and governance (“ESG”) issues. Therefore, projects with major negative impacts on the environment, biodiversity, climate change, human rights and human health are excluded from CapAccess loan.

In addition, submitted projects will be evaluated on the basis of ESG criteria meeting the Mohammed VI Investment Fund’s policy requirements by completing a dedicated questionnaire on this topic.

  1. The bank remains the company's sole point of contact for the implementation and administration of the syndicated loan (for both the senior and the subordinated debts). It is responsible for collecting at each maturity date, the amounts due under the senior loan and the subordinated loan.
  2. Changes to the terms of the syndicated loan may occur during the life of the loan. A request to this effect could be submitted by the company to its bank.
  3. The conditions for early repayment will be negotiated with your bank. In the event of partial early repayment of the loan, the repayment will be allocated proportionally to the bank loan and the CapAccess subordinated debt.

Yes, CapAccess can be combined with any investment subsidies that could be granted by the State to eligible companies. This will allow the company to benefit from an additional source of financing to finance its project.

Do not hesitate to contact your partner bank to discuss your investment project and obtain specific information on the CapAccess loan granting process.