The Moroccan Economy in Brief: Tuesday, January 14, 2020
A 3.5% growth for Morocco in 2020:
The growth of the Moroccan economy is expected to reach 3.5% in 2020 after reaching an estimated rate of 2.7% for the year 2019, the World Bank predicts in its report on global economic prospects. Moreover, the Moroccan economy will continue to grow, reaching 3.6% in 2021 and 3.8% in 2022, according to the financial institution's forecasts. In its analysis, the bank recalls that high oil prices and budgetary pressures have encouraged some MENA countries, including Morocco, to reform price controls and energy subsidies between 2010 and 2014.
Stella Gallery now exclusive agent Knight Frank:
The real estate agency Stella-Gallery has just been created thanks to the expertise of its founder, Stella de Bagneux, and the rather favorable market in Marrakech encouraging Knight Frank, one of the world leaders in independent real estate consulting, to make it its exclusive agent for the Marrakech-Safi region. "This marriage sounded obvious. An exceptional property often resembles an architectural challenge admirably taken up. It is the realization of an aesthetic aspiration. And how better to enhance it than by adorning it with works of art gleaned on the spot? "explains the founder. "As Knight Frank's exclusive agent, Stella-Gallery enjoys a global reach in terms of reputation, network and clientele, while offering the best in local knowledge," she adds.
Morocco, a target country of the EBRD-IRENA partnership:
The International Renewable Energy Agency has just signed a Memorandum of Understanding with the European Bank for Reconstruction and Development. The aim is to strengthen their partnership in order to accelerate the development and financing of renewable energy projects in the EBRD's countries of operations, including Morocco. This partnership should also help to rapidly increase the share of renewable energy in these countries. Morocco aims to increase the share of renewable energy in electricity production to over 52% by 2030.
The Abu Dhabi Development Fund is providing $105 million:
Renewable energy in cities, best practices for long-term planning and the geopolitics of energy transformation were among the topics discussed at the 10th Assembly of the International Renewable Energy Agency (IRENA) which ended in Abu Dhabi last Sunday. It was on this occasion that Antigua and Barbuda presented the project for the construction of an 8-megawatt hybrid power plant (solar and wind). The project should benefit 5,500 households. In Chad, the $15 million loan will contribute to the construction of a 6-megawatt solar power plant. The $105 million granted this weekend, under the seventh round of the Irena-Abu Dhabi Fund for Development, brings the Fund's current commitment to $350 million.
Managem and Injaz Al Maghrib announce the end of the first phase:
The Managem Group and the Association Injaz Al Maghrib organized at the Palais des Congrès in Ouarzazate last Thursday a meeting for the benefit of cooperatives and associations in mining areas, with institutional and social actors to exchange on the dynamics of the social and solidarity economy. This meeting, held on the theme "Dynamics of the Social and Solidarity Economy in Morocco - Which Realities for which Perspectives," has just concluded the first phase of the Cooper Up program, launched in 2019 by Managem and Injaz Al Maghrib. This programme aims to strengthen the entrepreneurial capacities of social and solidarity economy structures in the mining areas where the Managem Group operates.