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Morocco Announces Relaunch of MREs Investment Fund

The official also spoke about support programs dedicated to MRE associations.

Rabat  – The minister in charge of Moroccans living abroad, Nezha El Ouafi, has announced the relaunch of the Investment Fund dedicated to Moroccans diaspora also known as Moroccans living abroad (MREs).

El Ouafi made her statement during a meeting to discuss the 2020 sectoral budget for Morocco’s Ministry of Foreign Affairs.

The minister relayed that the Ministry of MREs will deploy interprofessional groups of bankers to sensitize national and international banks to the importance of the investment fund.

She added that the strategy will be based  on the implementation of a “computer intelligence system and the launch of a communication campaign with highly skilled Moroccans at various international and national events.”

Read Also: Morocco’s FDI Grew 29% in 2018, Trade Deficit up MAD 15 Billion

Maghreb Arab Press (MAP) reported that the ministry will work in partnership with the concerned parties to implement an annual action plan at each embassy to “preserve the attractiveness of the economic assets of Morocco, to involve Moroccans of the world in the development and integrate their skills in the areas of scientific research and training.”

The newly-appointed minister also spoke about the development of support programs for MREs’ associations to provide the necessary assistance for MREs promoting their own projects.

The number of Moroccans living abroad is estimated at 5 million.

The Moroccan ministry in charge of the MREs has acknowledged several times the importance of the diaspora’s contribution to Morocco’s development.

Remittances made by Moroccans living abroad (MRE) remain stable. At the end of September 2019, remittances amounted for MAD 49.80 billion against MAD 50.02 billion in the previous year, recent statistics of Moroccan Exchange Office has said. 

Every year, Morocco receives thousands of MREs, who come during the holidays to visit their relatives.

Head of Government Saad Eddine El Othmani said in July that  “Morocco’s relationship with MREs is of great importance to the country and to the ministry.”