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A $4.5-million venture capital fund has been launched by BMCE Capital Investment, the investment banking division of BMCE Group, Morocco’s largest provider of financial services, to support Moroccan startups and foster ecosystem development.
Following the approval of the new fund’s creation by Morocco’s Capital Market Authorities, which functions as one of the country’s leading providers of financial services, BMCE Group will contribute a portion of the funding.
Othman Benjelloun, a Moroccan billionaire businessman who heads BMCE Group, has played a key role in the growth of the Moroccan financial services industry. BMCE Group is a multinational pan-African banking conglomerate with operations in 18 African nations and representative offices in Europe and Asia.
The majority of Benjelloun’s $1.3-billion net worth comes from his ownership stake in BMCE Group, which he uses to drive the group’s expansion.
The $4.5-million venture capital fund established by BMCE Capital Investment, one of the group’s operating subsidiaries, demonstrates the group’s dedication to assisting Moroccan startups that are just starting out.
The fund will be raised from renowned Moroccan investors and significant institutional financial organizations in the economy as part of the move to facilitate the prompt provision of the fund.
In addition to raising the necessary funds for the regional startup ecosystem, the fund is expected to connect its portfolio of startups to a sizable network of Moroccan and international investors.
Benjelloun, a leading banker in Morocco who played a key role in the expansion and transformation of Bank of Africa, one of the continent’s biggest financial institutions, owns a 33.39-percent stake in the Casablanca-based lender.
Since the start of the year, his net worth has decreased from $1.5 billion to $1.3 billion at the time of drafting this report. This equates to a $200-million loss for the billionaire since the year began.
Despite the $200-million drop in his net worth, the Moroccan financial services magnate remains the country’s second-richest man and one of Africa’s wealthiest billionaires.
