Rabat – Morocco’s Investment Committee approved on November 30 a budget of MAD 3.96 billion ($434 million) for 5 agreements and amendments to investment projects.
The head of government, Aziz Akhannouch, headed the meeting of the committee.
The investment projects concern renewable energy (75% of projected investments) and transport (25%), the office of the head of government said in a statement following the meeting.
According to the statement, the projects should generate 756 direct and indirect jobs.
Among the projects presented to the Committee, those with mixed foreign capital account for about MAD 3 billion ($325 million) in expected investments, while the ones with national capital account for more than MAD 973 million ($105 million).
Akhannouch emphasized the significance of increasing investment dynamics to achieve Morocco’s projected post-COVID economic recovery through sustained employment creation and value addition goals.
He stressed the need to maintain a steady pace of approval and signing of investment agreements to meet deadlines and the expectations of Moroccan and foreign investors.
Also ratified during the Investment Committee’s meeting were the 13 agreements and amendments approved at the Investment Commission’s 81st meeting on November 23, as well as the 5 agreements and amendments approved at the Investment Commission’s 82nd meeting late last month.
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The 81st meeting approved 13 development projects for a total budget of over MAD 2 billion ($216.45 million).
The MAD 2 billion will go into both local investment and foreign investment in strategic sectors, with the view of creating 5,000 direct and indirect jobs.
Mouhcine Jazouli, Delegate Minister in charge of Investment, Convergence, and Evaluation of Public Policies, pointed out following the commission’s 81st meeting that the approved projects are in line with “royal instructions” to boost investment and consolidate socio-economic development in Morocco.
