The Moroccan Govt. Council adopted on Thursday a bill paving the way for the setting up of the “Mohammed VI Fund for Investment” called for by the Sovereign in his latest Throne Day Speech to mitigate the economic and social impacts of Covid-19.
The bill sets the major goals for addressing the challenges Morocco is facing due to the Covid-19 pandemic, said Minister of National Education & Govt. Spokesman, Saaid Amzazi in a statement.
The $1.6 billion fund, to be financed by the State, will support major investment projects to be carried out throughout the country within the framework of partnerships with the private sector, said Mr.Amzazi.
The Fund will also provide capital to SMEs and support large public and private companies in strategic sectors, explained the Govt. spokesperson.
It will focus on industrial restructuring, innovation, growth activities, SMEs, infrastructure, agriculture and tourism.
In his Throne Day Speech on July 29, the Monarch said the global health crisis generated by the Coronavirus pandemic had adverse effects not just on the country’s public health, but also at social and economic levels.
This crisis has affected all productive sectors. Family incomes and the state budget have also been severely impacted. “I therefore called for the creation of a special fund to address the health situation as well as the economic and social repercussions of the epidemic”, the King had said.
This fund is destined to help boost the economy, stimulate productive activities and support major public-private investment projects in various sectors, had stressed the Moroccan Sovereign.
To ensure the success of this plan, “I call on the Government and on economic and social actors to be effectively engaged in this endeavor”, underlined the King.