Morocco to create $4.8 bln strategic investment fund

Morocco will set up a strategic investment fund worth $4.8 billion to help the economy recover from the coronavirus impact, Finance Minister Mohamed Benchaaboun said Tuesday at a news conference in Rabat.

The fund is part of a stimulus package of 120 billion dirhams ($12.8 bln) unveiled by King Mohammed VI at the Throne Day speech he delivered last week to boost the economy.

The strategic investment fund will finance public-private investment projects.

The fund will be launched thanks to 30 billion dirhams emanating from national and international institutions while the remaining 15 billion dirhams will be offered by the government budget under the new finance law for 2020, the minister explained.

The remaining 75 billion dirhams of the stimulus package will take the form of state guaranteed loans to public and private companies.