Morocco’s Ministry of Industry aims to launch over 500 projects by the fourth quarter of 2021.
Rabat – Morocco’s Ministry of Industry has announced a set of 100 subsidized investment projects in several fields including transport, construction, electronics, textiles, food, mechanics, and metallurgy.
The ministry issued project sheets for every investment to reveal opportunities to accelerate Morocco’s market.
The sheets share a general perspective based on public data and interviews with experts and manufacturers in each sector, said the ministry in its presentation.
The sheets offer the investment’s expected profitability based on data on the market’s growth prospects.
The subsidy parties include the Industrial Development and Investment Fund (FDII) which will support investments for material and non-material resources that could account for up to 30% of the investment amount.
Grantmakers also include Morocco’s National Agency for the Promotion of Small and Medium Enterprises (Maroc PME), which pledges to support growth and technological investment of up to 30% of the investment project.
Maroc PME’s support concerns very small enterprises (VSEs) that achieved a turnover of less than or equal to MAD 10 million ($1 million) at the end of the last financial year.
For its part, the Investment Promotion Fund (FPI) is set to cover certain expenses such as the acquisition of potential land. FPI is offering to cover up to 20% of the cost of the land, 5% of the amount of external infrastructure, and 20% of training costs.
The Energy Development Fund (FDE) will contribute 10% of the cost of purchasing new equipment, capped at MAD 20 million ($2.1 million). The support concerns projects investing over MAD 2.5 million ($268,000) in equipment.
Finally, the Finishing, Printing, Dyeing Fund (FIT) offers a 20% premium on material investment dedicated to projects under the upstream textile.
To help facilitate investment, the ministry’s plan also offers fiscal advantages, including an exemption from the import duty of capital goods, materials, and tools that are part of an investment project exceeding MAD 200 million ($21.4 million).
This set of 100 subsidized investment projects is the first of Morocco’s larger objectives of 500 projects to reach by the fourth quarter of 2021.