The Moroccan Economy in Brief: Monday, December 2, 2019
The AfDB is providing a €100 million loan to the Municipal Equipment Fund:
100 million is the amount approved as a line of credit by the Board of Directors of the African Development Bank (AfDB) for the Municipal Equipment Fund (FEC). This allocation is intended to finance new investment and equipment projects, carried out by local authorities, aimed at improving the quality of public services and developing new economic and industrial activities at local level. "The line of credit will foster a dynamic of inclusive growth where territories will increase even more in capacity to become real poles of development and industrial competitiveness. This will benefit people and industries locally," said Leila Farah Mokaddem, the banking institution's country manager.
Markets to be seized by Moroccan companies in 2020:
Despite a sluggish global economy and unfavourable international trade prospects, significant export opportunities are to be seized by Moroccan companies. According to Euler Hermes, the additional demand addressed to Morocco would increase by MAD 10 billion in 2020. About 43% of this potential would come from 4 countries, including 3 European countries. Indeed, 2 billion outlets are to be found in Spain, 1 billion in India, 700 million in Italy and 600 million in France. India's additional demand concerns phosphate in particular in order to support the agricultural position of this Asian country.
The AfDB is providing a €100 million line to the FEC:
The Board of Directors of the African Development Bank (AfDB) announced on Friday that it has approved a €100 million line of credit for the Municipal Equipment Fund (FEC) to finance new investment and public infrastructure projects in Morocco. These projects, led by local authorities, are aimed at improving the quality of public services, especially in rural areas, and at developing new economic and industrial activities at the local level, says an AfDB press release.
A 19.7% increase in turnover for Wafa Assurance in the 3rd quarter of 2019:
Wafa Assurance ended the third quarter of 2019 with good financial results. Its total turnover amounted to MAD 2.1 billion, up 19.7% over one year. The Life activity generated a turnover of MAD 1.37 billion, up 37.1% over one year. The reason for this is the growth in savings and provident products via bancassurance. Non-Life turnover amounted to MAD 733 million, down 3.4% compared to the same period a year earlier.
PSA will sell its shares in its Chinese joint venture CAPSA:
PSA is about to sell its stake in its Chinese joint venture CAPSA. Specialized in the DS brand, "CAPSA has been suffering for several years from a drop in its sales," reports Reuters quoting a spokesman for the French car manufacturer. The project to sell the 50% of PSA in this JV, which dates back to 2011 and has a factory in Shenzhen, was the subject of information from PSA unions meeting in an extraordinary central CSE at the end of last week.