Rabat - Local authorities will payout MAD 1.2 billion from a MAD 6.3 billion fund for the development of the Greater Casablanca Area.
Rabat – Local authorities will payout MAD 1.2 billion from a MAD 6.3 billion fund for the development of the Greater Casablanca Area.
The September 2014 development project established by King Mohammed VI requires the investment of MAD 33.6 billion into the local economy – funded through a mix of local, state and national-level capital sources over the course of 2015-2020.
Of that amount, road infrastructure will see MAD 650 million in renovations; under-developed neighborhoods will receive MAD 100 million to revitalize local economies, the local branch of the national phosphate company will get MAD 100 million, and coastal areas will experience a MAD 100 million upgrade.
Overall, the projects have been divided into four axes: supporting local economics and education systems, increasing regional mobility, restructuring industrial zones and restoring Casablanca’s identity as a national and international destination for commerce and leisure activities.
A new grand theatre, the development of the Casablancaise athletic areas – with a budget of MAD 46.79 – and the renovation of the Ain Sbaa Zoo will all be a part of the rejuvenation efforts.
The economic forces activated by the new projects should reduce unemployment to seven percent by the year 2030. In an alternative scenario, government forecasts predict inaction regarding the kingdom’s business and financial center’s future will lead unemployment to rise to 23 percent from its current 10.1 percent rate.