The Government Council, which convened on Thursday under the chairmanship of Head of Government Saad Dine El Otmani, adopted the bill N°76.20 establishing the “Mohammed VI Fund for Investment.”
The bill, presented by the Minister of Economy, Finance and Administration Reform, is pursuant to the High Instructions of HM King Mohammed VI contained in the Speech addressed on the occasion of the Throne Day ( July 29, 2020), which defined the major strategic directions to be developed to manage the crisis Morocco is facing due to the Covid-19 pandemic, said Minister of National Education, Vocational Training, Higher Education and Scientific Research, government spokesman, Saaid Amzazi in a statement read at a press briefing at the end of the government Council, held through video conference.
In order to launch the economic recovery plan, it has been decided to create a joint-stock company called the “Mohammed VI Fund for Investment” and that is worth MAD 15 billion financed by the state budget, Amzazi added, noting that its board of directors will be chaired by the Minister in charge of Finance, he said.
The new fund aims to finance major investment projects and support them, at the national and territorial levels, within the framework of partnerships with the private sector, and to provide capital to small and medium enterprises (SMEs) through sector-oriented or thematic funds.
It will also contribute directly to the capital of large public and private companies operating in areas considered as priorities by the Fund, through appropriate financial instruments such as advances, repayable loans and semi-autonomous funds.
The Mohammed VI Fund for Investment will also be in charge of preparing and implementing structured mechanisms to provide financing solutions for companies operating in priority areas.
It will also prepare investment projects and implement their financial restructuring, at the national and territorial levels, with a view to facilitating and improving both financing and implementation conditions.
The Mohammed VI Fund for Investment relies in its interventions on sector-oriented or thematic funds directed at the priorities and needs of each sector, particularly in the areas of industrial restructuring, innovation and promising growth activities, as well as SMEs, infrastructure, agriculture and tourism.
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.