The Moroccan Economy in Brief: Monday, August 3, 2020
Nareva and INJAZ Al-Maghrib join forces:
In partnership with Nareva, INJAZ Al-Maghrib has organized, recently in Laayoune, the Regional Virtual Competition in high school category, which thus closes the cycle of the Company Program. This competition is part of the partnership between INJAZ Al-Maghrib and Nareva which stipulates the implementation of Nareva's social and societal plan in the regions where it operates. These include the South in Foum El Ouad Tah, Tarfaya Akhfennir Jraifia Boujdour and the North in Ksar El Majaz, Taghramt, Fahs Anjra. In detail, these are three teams of young high school students who played the role of entrepreneurs during the Virtual Regional Competition to defend their projects before a high level jury. They also proposed projects that were each more innovative and relevant than the other.
The RNI welcomes the Royal Vision for Economic Recovery and Social Coverage:
The National Rally of Independents (NRI) is very interested in the socio-economic component of the Speech from the Throne. The party "welcomes the Royal Vision for Economic Recovery and Social Coverage announced in the Royal Speech," exalts this political party. Also, the RNI applauds the royal orientations for the accelerated launch of the economic recovery plan whose allocations are set at 11% of GDP while allocating an amount of MAD 120 billion to the national economy. The objective being to give a strong impetus to the financing and motivation of companies, especially small and medium enterprises, in order to create jobs and preserve sources of income or even integrate the informal sector. In this sense, the party welcomes the royal decision to create the strategic investment fund aimed at consolidating the partnership between the public and private sectors in order to direct domestic investments towards the productive sectors and reduce the effects of external changes.
A 50% discount on 2nd quarter rents for 160 startups:
The management company of the Technopark (MITC) is in solidarity with the occupants of its different technological zones. It has just granted 160 startups less than five years old, in difficulty, an exemption of 50% of the amount of rent due for the months of April, May and June. For MTIC, the Covid-19 event is an opportunity for solidarity first and foremost with entrepreneurs and startups. This is why, for the remaining companies that have justified financial difficulties due to the partial or total cessation of their activities, the Technopark management company has announced its predisposition to study, on a case-by-case basis, the possibilities of rescheduling the monthly payments due.
885,943 M-wallets open in 2019:
Mobile payment activity is slowly but surely progressing in Morocco. At the end of 2019, the number of M-wallet accounts opened reached 885,943. The market share of payment institutions amounts to 58%, i.e. 514,827 accounts to which are added 371,116 M-wallets held by banks that have also launched mobile payment products. This is what emerges from Bank Al-Maghrib's 2019 annual report on banking supervision. Almost all M-wallets, backed by bank accounts, are held by individuals, while the accounts belonging to accepting merchants number 1,151.
INDH: Approval of 42 projects for an amount of MAD 104 million:
Forty-two projects of a socio-economic nature with a total investment of MAD 104 million were approved by the Provincial Committee for Human Development (CPDH) of Taounate at a meeting held recently at the provincial headquarters. These projects concern programmes to reduce the deficit in infrastructure and basic services in the least equipped areas, with 10 projects worth MAD 68.5 million, and support for persons in precarious situations (20 projects/MAD 3.5 million), according to data from the province's Social Action Division.