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The Forsa Program in Morocco "Incubates 11,200 Projects" in 2023.
In 2023, Forsa, a Moroccan government initiative promoting youth entrepreneurship, has successfully incubated 11,200 project proprietors, as announced by the Ministry of Tourism, Handicrafts, and Social and Solidarity Economy on Wednesday.
According to the ministry's statement, the program has significantly facilitated the financing of enterprises for 1,200 young entrepreneurs this year. Additionally, it has provided funding to 21,200 project initiators, contributing to the creation of over 40,000 jobs.
The ministry highlighted that the program's reception of 300,000 applications since its launch in 2022 indicates a substantial interest in entrepreneurship among Moroccan youth.
This year, the program exceeded its initial target by providing financial support for an impressive 1,200 initiatives.
The ministry reported a substantial enhancement in the participation rate of female entrepreneurs in the 2023 iteration. Women now constitute 45% of the adolescent entrepreneurs benefiting from the program, marking a 20% increase from the previous year.
Over 11,000 Moroccan entrepreneurs have received financing through the state-sponsored Forsa program.
Conversely, there has been a notable 69% increase in the engagement rate from residents of rural and small-town areas, aligning with the program's objective of fostering economic progress in underprivileged regions.
Despite budgetary constraints limiting the number of funded projects, the program successfully educated 54,000 project holders over two years.
The program features the "Forsa Academy," a ten-module e-learning program designed to assist project holders in conceptualizing their enterprises and initiating the necessary legal procedures.
Initially launched in April 2022, the program aimed to provide funding and instruction to 10,000 youth entrepreneurs across Morocco. This state-sponsored initiative is open to Moroccan citizens and foreign residents aged 18 to 35.
Targeting business owners and entrepreneurs seeking financial support for expansion endeavors, participants in the program have the opportunity to obtain interest-free financing of MAD 100,000 ($10,000) with a repayment period of up to ten years.
Candidates who successfully navigate the four-phase selection process gain complimentary access to training programs specifically developed to enhance their prospects of success in the market.