Rabat Launches An Investment Fund To Boost The Economy With 4.1 Billion Euros

INA-  SOURCES

On Tuesday evening, the Moroccan government approved the launch of a sovereign fund of 4.1 billion euros to “give a new dynamism to public investment” in the face of the country’s economic crisis, the royal court announced.

The court said in a statement that during a cabinet session chaired by King Mohammed VI, it was decided to “activate the Mohammed VI Investment Fund”, which was established in 2020.

The statement added that this fund aims “to give a new dynamism to public investment by directing it to infrastructure projects and ambitious sectoral strategies, in a way that enhances the competitiveness of the national product and strengthens national sovereignty at the food, health and energy levels.”


According to the statement, during the cabinet session, King Mohammed VI appointed the Kingdom’s ambassador to France, Mohamed Benchaaboun, “general manager of the Mohammed VI Investment Fund.”

Benchaaboun is a former banker who also served as Minister of Finance between 2018 and 2021, before he was appointed in October as Morocco’s ambassador to Paris. With his appointment at the head of the sovereign fund, Benchaaboun will leave his diplomatic job to go to his new mission.

According to local media, this fund will be supplemented with 45 billion dirhams (4.1 billion euros), one third of which will come from the state budget and the remaining two thirds from national and international investment entities.

SOURCE: GLOBE ECHO