The fund has accrued over MAD 20 billion ($2 billion) in contributions since its inauguration on March 15.
Rabat – Telecommunications company Maroc Telecom announced on April 20 that it allocated a budget of MAD 1.5 billion ($146.96 million) to Morocco’s Special Fund for the Management and Response to COVID-19.
The telecommunications operator said the contribution is part of the country’s general mobilization to alleviate the domestic impacts of COVID-19.
The contribution was routed to the fund that King Mohammed VI created on March 15 with an initial budget of MAD 10 billion ($979,9 million).
The fund covers the costs of upgrading medical infrastructure and acquiring urgently-needed means to treat people infected with the virus in good conditions.
The fund also helps Morocco to provide formal sector workers with a stipend through the National Social Security Fund (CNSS) or the National Medical Assistance Program (RAMED), and informal sectors workers with a stipend through a recently developed program.
The special fund amassed more than MAD 33.7 billion as of April 11 thanks to contributions from public and private companies, national institutions, and individual philanthropists.
The Hassan II Fund contributed to the special COVID-19 account with MAD 1 billion at the request of King Mohammed VI.
The OCP Group gave MAD 3 billion, while Al Mada, a royal conglomerate, contributed MAD 2 billion.
The fund is also dedicated to supporting the national economy through measures that the government will propose throughout the crisis, Maghreb Arab Press (MAP) reported.
In addition to its contribution, Maroc Telecom Group said it is respecting health measures and adapting working conditions for its employees and affiliates to ensure the continuity of its activities.
“Several precautionary measures have been implemented at workplaces in collaboration with the competent authorities and in accordance with the measures adopted in each country,” the company added.
Maroc Telecom said it is doing “everything in its power to minimize the impact of this crisis on its activities,” the source said.
The company reported a 4% rise in total revenue, amounting to MAD 9.3 billion in the first three months of the year, it emphasized.
The group confirmed that it registered a 0.9% rise in “adjusted first-quarter profit” to MAD 1.6 billion, while customer base grew by 11.3%, to 69 million.
“The results of this first quarter are driven by the positive momentum of customer base and Data revenue across the countries in which the Group operates,” Abdeslam Ahizoune, Chairman of Maroc Telecom Management Board, explained.