Tourist Activities Guarantee Fund (FGAT)
This Tourist Activities Guarantee Fund is established by Article 18 of Law No. 2015-30 of August 18, 2015 on the Supplementary Finance Act 2015 is intended to guarantee new refundable credits over a period of seven years with a grace period two years to finance management and operating and management expenditure granted by banks to companies operating in the fields of accommodation and tourist animation, category “A” travel agencies, Ranked tourist restaurants and craft companies.
The beneficiary company must not be the subject of litigation procedures for its bank credits, nor procedures in the framework of the law n ° 95-34 of April 17, 1995 relative to the recovery of the companies in economic difficulties.
1- Activities eligible for the guarantee:
Companies operating in the fields of accommodation and tourist animation,
Travel agencies of category “A”,
Classified tourist restaurants,
2- Credits eligible for the guarantee:
the new seven-year repayable credits with a two-year grace period for the financing of operating management expenses, for which an application for a guarantee was requested during the period from 1 July 2015 to 31 December 2016.
3- Forms and methods of intervention of the FGAT:
Refinancing of half and assumption of the cash interest of the other half of the unpaid amounts in principal of the credits accepted to the guarantee in accordance with the distribution of assumption of the irrecoverable amounts of credits between the FGAT and the bank, and this as soon as a judicial proceeding is initiated against the beneficiary of the loan.
Assumption of 60% of the irrecoverable amounts of the credits or the participations and 50% of the costs of pursuit and recovery contentious credits.