Morocco’s small and medium enterprises (SMEs) have recently benefited from the growing interest of financiers and the increasing emphasis on the link between corporate governance and terms of credit. In November 2006, an awareness-raising campaign was launched on financing and corporate governance for SMEs. The program is a joint initiative of the Central Bank (Bank Al-Maghrib), the Banking Association (GPBM), the Agency for the Promotion of SMEs (ANPME) and the Investment Guaranty Agency (CCG). Aimed at promoting best practice in the cooperation between SMEs and the banking sector, the campaign comes amid a flurry of workshops meant to address funding problems. “The goal of this operation is to loosen the structural constraints that hinder the activities of SMEs,” noted Abdellatif Jouahri, the governor of Bank Al-Maghrib. The predominance of SMEs in the agro-industrial, construction, tourism, high-tech and chemical sectors has made the matter all the more pressing. Indeed, SMEs represent
