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Rabat – Itmar Capital, Morocco’s sovereign wealth fund will chair the international Board of Directors of the International Forum of Sovereign Wealth Funds (IFSWF) for a three-year term.
Elected by a large majority, Morocco’s fund has become the first African sovereign fund to ever chair the IFSWF.
Itmar Capital chaired a January 20 virtual meeting for the international fund. The meeting discussed ongoing strategic projects, long-term strategy, and the action plan for the 2022 forum.
Throughout its three-year mandate, the Moroccan fund aims to focus on themes pertaining to the green economy and promoting investments as the backbone of rapid, inclusive socio-economic development.
Founded in 2011, the Itmar Fund is part of a large-scale vision to develop the different sectors of the Moroccan economy, with significant emphasis on Morocco’s tourism sector.
Underlying the creation of the fund is the ambitious “Vision 2020” plan to transform Morocco into the top 20 tourist destinations worldwide. The fund aimed to reach this goal by boosting Morocco’s capacity to host over 20 million tourists annually by 2020.
However, the COVID-induced economic crisis undermined this ambitious target for the tourism industry, as businesses now are less preoccupied with growth prospects and more with surviving amid ongoing border closure orders.
The fund’s board of directors announced in 2016 that the fund will support all productive sectors of the Moroccan economy as opposed to remaining exclusively tourism-focused.
Partially funded by the Hassan II Fund for social and economic development, Itmar Capital received two-thirds of its capital from the government.
With a capital amounting to MAD 15 billion ($1.8 billion), the state-owned fund aims to boost funding for different sectors within the Moroccan economy by attracting investors and partners, and managing investments within its portfolio.
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