Agadir – Morocco’s sovereign investment fund Ithmar Capital and the Philippines’ Maharlika Investment Corporation (MIC) have signed a memorandum of understanding (MoU) to establish a strategic institutional partnership aimed at strengthening cooperation and sharing expertise in sovereign wealth fund governance.
Announced on Tuesday, the agreement seeks to deepen collaboration between the two institutions through the exchange of best practices, governance standards, and capacity-building initiatives.
“Pleasure to have witnessed the virtual signing of a Memorandum of Understanding between Maharlika Investment Corporation and Ithmar Capital creating another avenue for cooperation between the Philippines and Morocco,” Philippine embassy in Morocco stated today.
The signing ceremony was held via videoconference in the presence of Morocco’s Ambassador to the Philippines, Mohammed Rida El Fassi, Philippine Ambassador to Morocco Leslie J. Baja, and Philippine Secretary of Finance and Chairman of the MIC Board Frederick D. Go.
The agreement was signed by Ithmar Capital Managing Director Obaid Amrane and Maharlika Investment Corporation President and CEO Rafael D. Consing Jr.
Amrane explained that this partnership will enable both partners to share best practices, reflecting the belief that sovereign wealth funds can strengthen one another by exchanging expertise, promoting sound governance, and advancing sustainable development.
For his part, Consing said the collaboration would help MIC move closer to its ambition of becoming a world-class sovereign wealth fund guided by transparency, strong governance, and international standards.
The MoU establishes a structured framework for cooperation across several strategic functions and provides for the creation of a joint steering committee tasked with overseeing the implementation of partnership initiatives.
The committee will prepare a summary report and recommendations designed to support MIC in strengthening its institutional capabilities and adopting international best practices for sovereign wealth fund governance.
Ithmar Capital will leverage its experience to assist MIC in strengthening its operational capabilities as the Philippine fund prepares for membership in the IFSWF.
The partnership also aims to reinforce institutional ties between Morocco and the Philippines, reflecting broader efforts to deepen bilateral cooperation.
