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MOROCCO GOVT. APPROVED US$7.6BILLION FUND FOR CONSTRUCTION OF 17 PROJECTS
Morocco’s National Investment Commission on Wednesday announced it approved 17 projects with a combined budget of MAD 76.7 billion ($7.6 billion).
In a meeting chaired by Head of Government Aziz Akhannouch, the investment commission also approved four amendments to existing agreements.
According to a statement, the projects hold “immense economic potential,” with a projected investment of MAD 76.7 billion.
The projects are expected to generate 5,728 direct job opportunities and create an additional 14,707 indirect jobs.
The projects are largely concentrated in the industry sector, accounting for MAD 53.6 billion ($5.3 billion), almost 70% of the total investments.
Seawater desalination projects are next with 14% of the overall budget, followed by renewable energy projects, contributing 4% of the total investment amount.
The industrial sector is also expected to generate the most jobs, with projects in this sector expected to create 4,213 direct jobs, over 73% of the total jobs to be generated.
Meanwhile, the tourism and healthcare sectors are expected to provide 8% of the projected new jobs each.
The commission also examined an additional 6 investment projects. The projects, with a potential investment value of MAD 54.8 billion ($5.4 billion), have been designated as strategic.
The six projects have the potential to create 13,260 direct jobs and 33,150 indirect jobs. The projects will be reviewed by the Technical Committee for Strategic Investment Projects (CTPIS) before receiving final approval from the National Investment Commission, the statement adds.
Four of the projects are related to electric vehicle manufacturing, particularly the development of electric batteries.