Fez – Morocco’s Investment Commission on January 5 approved7 draft agreements for a total budget of over MAD 7.19 billion ($777.20 million), according to a statement from the government cabinet.
Morocco’s Head of Government Aziz Akhannouch chaired the 84th Investment Commission via videoconference. Several ministers attended the meeting during which Akhannouch recalled the results of the three previous investment committees.
Akhannouch stressed the vital role these committees have to facilitate investment and encourage public and private initiative in this field, his department emphasized in a statement.
The 84th Investment Commission has examined and approved 7 draft agreements and amendments for a total amount of MAD 7.19 billion (777.20 million) that aims to create more than 4,500 direct and indirect jobs.
The allocated budget will be distributed to different vital sectors. Higher education tops the approved investments with MAD 6.26 billion ($676.67 million), making up nearly 87% of the projected investments.
The tourism sector comes second with MAD 476.1 million ($51.46 million) constituting 7% of the total budget. The government further allocated 2% of the budget to the logistics sector which was granted MAD 155 million ($16.75 million) The health sector received MAD 115 million ($12.43 million), or 1.6% of the total budget, while industry received MAD 114 million ($12.32 million), 1.6% of the total.
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The approved investment budgets will aim to contribute to the creation of more than 4.500 direct and indirect jobs. This intends to strengthen employability in the sectors of higher education with 687 direct jobs, 230 direct jobs in tourism, 165 direct jobs in health, and 122 direct jobs in industry and logistics.
According to the statement, national capital projects account for about MAD 6.5 billion ($702.51 million), or nearly 90%, of expected investments.
In part of the discussion on the investment sector in Morocco, the commission discussed fundamental subjects related to the improvement of the business climate, in order to boost the potential of nationwide investments.
The first four investment commissions of the new government have resulted in the approval of 31 draft agreements and amendments for a total amount of more than MAD 22.5 billion for the creation of nearly 11,300 direct and indirect jobs.
