The Moroccan Economy in Brief: Thursday, October 11, 2018
1. Crédit Agricole du Maroc launches CAM leasing: "Crédit Agricole du Maroc group is launching its first "green" leasing company, CAM Leasing. Its mission will be to finance the mechanization of agriculture (tractors, combine harvesters, and all other agricultural materials, machinery and equipment), and to support all agri-food industries."
2. OCP launches "Act4Farmers" for farmers: "The OCP group launched on Wednesday in the rural commune of Kasbat Al Troch in Oued Zem in the Beni Mellal-Khénifra region a new corporate volunteer initiative for the benefit of farmers under its "Act4Farmers" program and as part of the local initiative "Al Moutmir li khadamat al qorb" which will stop over in Khouribga from October 9 to 11. The "Act4Community" program, launched in July 2017, is an initiative that encourages OCP Group employees to get involved in socially responsible projects that benefit communities."
3. Renewable energies: Masen and Siemens strengthen their partnership: "Siemens and Masen are strengthening their partnership. The multinational and the Agency have concluded a memorandum of understanding to deepen their collaboration, particularly in research activities for the development of new generations of specific and advanced turbines for future concentrated solar power plants (CSPs). This partnership will also make it possible to develop appropriate strategies for the operation and maintenance of current and future turbines as well as the digitization of CSP system components."
4. Oxfam launches the MedUP project: "Oxfam announced on Wednesday the launch of the "MedUP" project to promote social entrepreneurship in six countries on the southern shore of the Mediterranean, including Morocco. The target? Young people and women, nearly 8,000 people according to an Oxfam press release which states that the aim of this project is to contribute to the dissemination of values and knowledge, economic and social potential, as well as the characteristics of social enterprises to the media, influential institutions, government agencies, major donors, investors, and financial institutions."
5. €40 million for SME financing: "The International Finance Corporation (IFC) signed last Tuesday a €40 million subordinated loan agreement with Attijari Bank Tunisia. This first IFC loan to Attijariwafa Bank's subsidiary will allow it to further develop its long-term financing to support projects that benefit the planet and small and medium-sized enterprises, explains IFC in a statement. This financing is part of a global strategy of the World Bank's subsidiary to support cross-border investment by financial institutions in the region. Similarly, this loan will contribute to the development of the private sector as well as to the strengthening of financial inclusion."