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King Mohammed VI announces the creation of a strategic investment fund – Morocco

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King Mohammed VI announced the creation of a strategic investment fund as well as a national agency in charge of managing state holdings, as part of a deep reform of the public sector.

In his speech this past Wednesday, 29 July 2020 on the occasion of the 21 st anniversary of the Feast of the Throne, the Sovereign emphasized the need to remedy the economic and social repercussions of the health crisis within the framework of a global prospective vision.

In this context, the Sovereign called on the government and the various actors to focus their attention and action on the challenges and priorities dictated by this new situation, encouraging the establishment of an ambitious economic recovery plan. The objective is to allow the production sectors to get back on their feet, increase their capacity to create jobs and preserve sources of income.

For this, the Sovereign has given his instructions to mobilise all the means available in terms of financing, incentive mechanisms and solidarity measures, with the goal of supporting companies, mainly SMEs which constitute the central link of the national economic fabric.

“In this context, around 120 billion dirhams (1 euro = 10.8 DH) will be injected into the national economy, ie the equivalent of 11% of GDP. This rate places Morocco among the most daring countries in terms of post-crisis economic recovery policy,” he announced.

The King also announced the creation of a Strategic Investment Fund to fulfill a mission of supporting production, accompaniment and financing activities of major public-private investment projects in several areas.

“In addition to the participation of the State, this Fund will have to rely on the coordination and rationalization of the various financing funds”, he specified.

Furthermore, King Mohammed VI called for a deep reform of the public sector with the aim of correcting the structural dysfunctions of public establishments and enterprises, of guaranteeing optimal complementary and coherence between their respective missions and, ultimately, enhancing their economic and social efficiency.

To this end, the Sovereign called for the creation of a National Agency whose mission will consist in ensuring the strategic management of the State’s participation and in monitoring the performance of public establishments.

APA

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