CDP Capital has partnered with the Caisse de Depot et de Gestion du Maroc (CDG) and other major Moroccan institutions to create a US$30 million fund for Morocco. This venture capital fund, known as Acces Capital Atlantique SA (ACASA), will invest in Moroccan manufacturing-sector small and medium-sized enterprises (SMEs) involved mainly in telecommunications, information technologies, agri-business, fishing and tourism.

Under the direction of Pierre-Andre Pomerleau, who was previously working for CDP Acces Capital, ACASA will promote the development of rapidly growing SMEs on the domestic and international markets. ACASA will also offer Moroccan SMEs a business solution similar to Acces Releve, a product developed by CDP Acces Capital so that entrepreneurs who want to ensure their firms’ sustainability can transfer ownership to family members or company executives over the medium term.

CDP Capital is the fund manager for the Caisse de depot et placement du Quebec (CDP) and manages over $125 billion in assets. CDP Capital, Canada’s leading fund manager, offers to CDP and to other clients in Canada and around the world a complete range of fund management services.

Morocco’s economy is currently undergoing substantial change, including the lowering of tariff barriers over a 10-year period, says CDP. “This transition period will enable Moroccan companies to prepare for the opening-up of the economy, especially for free trade with the European Community, by putting in place the structures required to export products or get ready for more intense competition.”

In addition to CDP Capital and CDG, which are each investing US$10 million, four other investors are jointly providing US$10 million. They are Wafa Assurance, AXA Assurance, Compagnie nationale et intercontinentale d’assurance (CNIA) and Mutuelle A Marocaine D A (MAMDA).