The investments are part of Morocco’s strategy to revive the national economy after the COVID-19 crisis.
Rabat – Morocco’s interministerial commission for investments has approved 45 investment projects for a total budget estimated at MAD 23.38 billion ($2.42 billion). The projects are expected to generate 3,194 direct jobs and 5,406 indirect positions.
The commission approved the projects during a meeting on Wednesday, June 24, chaired by Head of Government Saad Eddine El Othmani.
One-third (33%) of the budget will finance projects in the sector of energy infrastructure and renewable energies. The budget will also cover projects in the sectors of telecommunications (32%), industry and trade (16%), tourism and entertainment (11%), transportation (7%), and health (1%).
The meeting “came in a difficult economic and financial situation due to the COVID-19 pandemic,” said a press release from the head of government’s office.
Morocco is “in a new stage in its fight with the pandemic, characterized by the relaunch of economic activity after the implementation of measures for a safe and gradual lockdown lifting,” the document continued.
Before the meeting with the interministerial commission for investments, El Othmani chaired another meeting with the administration council of the Moroccan Agency for Investment Development and Moroccan Exports.
The meeting aimed to review the agency’s results and to discuss its future projects.
According to presentations from the meeting, Morocco was able to maintain an ascending pattern in the flow of foreign investments. The country currently ranks fourth in Africa in terms of direct foreign investments.
As for Moroccan exports, the kingdom ranks fifth in Africa, lagging only behind countries that mainly export oil.
During the meeting, El Othmani urged the agency to capitalize on the momentum Morocco has gathered in successfully responding to the COVID-19 pandemic, and boost investments to revive the national economy.
According to El Othmani, the COVID-19 crisis represents an opportunity that Morocco needs to seize, since many competitors will have to review their industry and investment policies.