Press release
Signature of the implementation convention of the 2010 RENOVOTEL fund
04-01-2010

On December 15, 2009 and alongside the Strategic Monitoring Committee, Mr Mohamed Boussaid, Minister of Tourism and Handicraft, Mr Salaheddine Mezouar, President of the GPBM, Mr Othmane Benjelloun, President of the National Federation of Tourism, Mr Othmane Cherif Alami as well as Mr Ali Ghannam, President of the National Federation of Hotel Industry signed in Rabat the convention relating to the implementation of the 2010 RENOVOTEL fund.

The putting in place of this financial assistance mechanism of hotel establishments occurs in a difficult global situation which increases tourists' expectations as regards quality and their alertness in the choice of holiday destinations. Such a crisis enhances also the difficulties to accede to the funding of hotel establishments.

In this context and in keeping with a logic intended to anticipate and prepare for the crisis, Morocco -within the framework of its Strategic Monitoring Committee of June 2010- has identified the means to modernize its accommodation establishments as a priority for the competitiveness of its tourist offer.

Having a budget of 500 million DH, this fund (managed by the Caisse Centrale de Garantie) is meant to be an accompanying tool of hotel establishments, enacting important updates to their products and the quality of services offered.

It intends also to review or adjust their positioning and to be in line with a logic of sustainable development.

Renovotel 2010, which has been operational since January 2010, will help (beyond the mere premises improvements) accompany a real approach of the product repositioning and the creation of added value.

For that purpose, a great number of actions will be financed. They concern the development of recreational activities (new profit centres: swimming pools, saunas, spas…), the adoption of an energy efficiency approach, the use of renewable energies (policies respecting the conservation of energy, water and electricity as well as waste recycling), the introduction and use of new information and communication technologies.

The attractiveness of this mechanism has been strengthened in comparison with the previous one (Renovotel), more particularly through:

•  The reduction of equities share, an initiative reflected in a differentiated approach according to the size of hotel structures: distinction between small hotel structures (1* to 3* and hotel residences) where the required equities share moves from 30% to 10% and big structures (5*, 4* and hotels clubs) for which equities share is reduced from 30% to 15%;

•  The increase in the aliquot/fractional share financed by the 2010 Renovotel fund between 35% and 45%, according to the hotel category;

•  The rise of investments quanta by room, all categories taken together;

•  The simplification of unlock approaches by reducing the length of time intended for files processing and granting the position of a lead bank;

•  A nearby area service provided by the tourism delegations and which consists in supporting and giving promoters advice.

As of January 2010, several tours will be organised by both the Tourism Ministry and its partners in order to increase awareness among hotel operators as regards the advantages and opportunities offered by Renovotel 2010.

*With a preferential interest rate (2%)

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