Casablanca — The Moroccan royal national fund "Ithmar Al Mawarid" just increased its funding to MAD 3 billion, according to Challenge.
Casablanca — The Moroccan royal national fund “Ithmar Al Mawarid” just increased its funding to MAD 3 billion, according to Challenge.
Though concerns over how the financing of the fund would affect the state budget have risen since the announcement of this investment, many are hoping the many projects resulting from Ithmar Al Mawarid’s work would eventually benefit the Moroccan economy. Thus, it seems Ithmar Al Mawarid is relying on a multiplier effect of sorts resulting from its investments in various important projects.
Ithmar Al Mawarid is involved in several major projects both domestically on a continental level. Earlier this month, a historic Morocco-Nigerian pipeline project, dubbed the “Trans-African pipeline,” was announced within the context of King Mohammed VI’s tour of various African countries.
At the project’s launch ceremony, it was announced that the countries’ respective funds, Nigeria Sovereign Investment Authority and Morocco’s Itamar Al Mawarid would invest in the project, which is expected to extend the current gas pipeline operated by Nigeria’s West African Gas Pipeline Company and transport gas through a 4,000 from Nigeria all the way to Morocco and, eventually, over to Europe.
Ithmar Al Mawarid is also a co-founder of the World Bank’s Green Growth Infrastructure Facility for Africa (GGIFA), which is set to become Africa’s largest green investment fund.