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The Moroccan Economy in Brief : Saturday, September 21, 2019


1. Financing: BCP's €50 million boost to Ivory Coast: "Banque Atlantique, a subsidiary of the Moroccan group Banque centrale populaire (BCP), has granted a loan of 32.5 billion CFA francs (50 million euros) to an Ivorian company for the execution of the first phase of the road asphalting works in Yamoussoukro, the country's political capital. "Strongly committed to financing economic infrastructure and large-scale for African economies, the BCP Group announces that it has granted, through its subsidiary Banque Atlantique, a loan of 32.5 billion CFA francs to PFO Africa as part of a public-private partnership with Ivory Coast," said a statement from the Moroccan group on Thursday.

2. Phosphates and derivatives: The OCP Group has earned more than 27.5 MMDH in 6 months: "The OCP Group generated revenues of 27.582 billion dirhams (MMDH) in the first half of 2019, up 4% compared to the same period last year, announced the major player in the fertilizer industry. This growth is mainly driven by higher volumes and prices for phosphoric acid, which helped to mitigate the decline in performance in the rock and fertilizer segments.
3. Swissport will invest 200 million dirhams in Morocco: "The airport service provider Swissport has won a new seven-year licence in Morocco, allowing the company to offer its services at 15 airports in the Cherifian Kingdom. The Zurich group is in second place in the sector behind Royal Air Maroc. The licence, issued by the airport operator Onda, is valid for Agadir, Al Hoceima, Casablanca, Dakhla, Errachidia, Essaouira, Fez, Laayoune, Marrakech, Nador, Ouarzazate, Oujda, Rabat, Tangier, and Tetouan airports.
4. Financial centres: Casablanca and Barcelona are joining forces: "Continuing the densification of its network of international partners, Casablanca Finance City (CFC) signed today in Barcelona a memorandum of understanding with Barcelona Centre Financer Europeu (BCFE), Barcelona's financial centre. The agreement between CFC and BCFE establishes the basis for sustainable cooperation to promote investment opportunities between Spain, Morocco, and Africa. It will also provide a platform to encourage and promote green finance and sustainable infrastructure.

5. 825 million dirhams: "A draft multilateral convention for an amount of 825 million dirhams (MDH) to supply drinking water to 413 douars in the Tangier-Tetouan-Al Hoceima region is currently being approved. According to the text of the said agreement, the drinking water supply project will be financed by the National Office of Electricity and Drinking Water (ONEE) for 475 million dirhams, the Regional Council for 263 million dirhams and the Ministry of the Interior for 87 million dirhams, pending the signing of agreements with each of the municipalities concerned".