The Moroccan Economy in Brief: Monday, April 5, 2021
Moroccan investments in Africa rise to MAD 5.4 billion:
Moroccan investments in the African continent have risen from MAD 907 million in 2007 to MAD 5.4 billion in 2019, according to the Directorate of Studies and Financial Forecasting (DEPF) under the Ministry of Economy, Finance and Administration Reform. Consisting mainly of direct investments in sub-Saharan Africa, these investments represent 47% of total Moroccan foreign direct investment (FDI), the DEPF said in a "Policy Africa" on the profiles of African economies. Moroccan FDI in the region fluctuates from year to year, but its share remains high in the total, representing up to 92.2% of outward FDI flows in 2010, the same source notes.
Morocco-Africa trade nears MAD 40 billion:
The overall value of Morocco's trade with African countries has increased, during the period 2000-2019, by 9.5% on average per year to reach nearly MAD 39.6 billion in 2019, according to the Directorate of Studies and Financial Forecasting (DEPF) under the Ministry of Economy, Finance and Administration Reform. This trade represents about 6.9% of the total value of Morocco's foreign trade against 4.3% in 2000, said the DEPF in a "Policy Africa" on the profiles of African economies. He stressed: "Morocco's trade with its African partners has recorded an encouraging progression over the past two decades, reflecting the efforts made by the Kingdom in diversifying its trade relations.
The dirham appreciates against the euro:
The dirham appreciated by 0.26% against the euro and depreciated by 0.51% against the U.S. dollar, during the period from March 25 to 31, according to Bank Al-Maghrib (BAM). During this period, no auctions were conducted in the foreign exchange market, BAM said in its latest weekly indicators bulletin. As of March 26, 2021, the outstanding official reserve assets stood at MAD 306.7 billion, down 0.3% week-on-week and up 19.6% year-on-year, the same source said.
Moroccan participative banks record a 47.5% increase in financing in February:
The financing granted by participative banks increased, year-on-year, by 47.5% to more than MAD 14.36 billion in February 2021, says Bank Al-Maghrib (BAM). These financings are distributed on real estate (MAD 12.37 billion), consumption (MAD 1.01 billion), equipment (MAD 878 million) and cash (MAD 20 million), says BAM in a document on monetary statistics for February 2021. Meanwhile, the commitments of participatory banks amounted to more than MAD 4.9 billion with banks, mainly in the form of refinancing through the product of "Wakala bil Istithmar" and demand deposits received from parent banks, the same source said.
The Moroccan State plans to provide MAD 4.5 billion to support private investment in agriculture in 2021:
An envelope of MAD 4.5 billion has been programmed to support private investment in the agricultural sector in 2021, up 7% from last year, according to the Ministry of Agriculture, Maritime Fishing, Rural Development and Water and Forests. "The employment program under 2021 amounts to MAD 4.5 billion, an increase of 7% compared to the program of 2020 (4.2 billion), reflecting the continued effort of the state to support private investment in the agricultural sector," said the ministry in a statement on the meeting of the Technical Committee of the Fund for Agricultural Development (FDA), held on March 25.