Financing large infrastructure projects through public-private agreements and strengthening the capital of companies with equity needs, thus contributing to their development and job creation, will be the main objectives for the Strategic Investment Fund that Morocco has launched.
On Tuesday, the Moroccan Minister of Economy, Finance and Reforms, Mohamed Benchaaboun, during a presentation to the Committee on Finance and Economic Development of the House of Representatives, spoke about the Investment Fund and assured that it would ensure support for productive activities and accompaniment and financing of major investment projects.
The minister noted the allocation of 45 billion dirhams, about 4.5 billion dollars to the fund, specifying that under the Law on Modifying Financing 2020, 15 billion dirhams will be allocated from the general state budget, while the remaining 30 will be mobilized in the framework of relations with national and international financial institutions, in partnership with the private sector.
Projects will be selected according to their impact on employment and will be aimed at investment in infrastructure projects and the promotion of SMEs and innovation.
The decree that created the Strategic Investment Fund comes in connection with the high instructions of King Mohammed VI contained in the speech of the twenty-first anniversary of the arrival of the monarch on the throne.
Mohammed VI stressed the need to implement an economic recovery plan and structural reform in the social field, especially in social coverage.
These reforms will be implemented gradually from 2021, over a period of five years. And in order for them to exist, changes will be made to the existing social programs and a single social registry will be implemented, as well as a tax reform to, in this way, equalise the social contribution of professionals.
In addition, according to Benchaaboun, a comprehensive plan for economic recovery will be drawn up, supporting the sectors most affected by the crisis, especially those related to tourism, one of the sectors hardest hit by the Covid-19 crisis.