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The Moroccan Economy in Brief: Tuesday, June 21, 2022

Official: Covered bonds enter the Moroccan financial market:

The House of Representatives unanimously adopted on Monday the bill n° 94.21 related to covered bonds. In this sense, the Minister Delegate in charge of relations with the Parliament, spokesman of the government, Mustapha Baitas, indicated in a speech read on behalf of the Minister of Economy and Finance, Nadia Fettah, that the elaboration of this project is part of the government's strategy for the development of the financial sector in Morocco and the mobilization of long term resources as well as the diversification of the sources of financing in general, in particular the financing of the housing and the territorial communities.

Morocco is getting ready to sign its first gas contract:

On Monday, July 20, 2022, in the House of Representatives, the official, who was answering an oral question from the USFP group, affirmed that Morocco is getting ready to receive the first deliveries of natural gas from the international market. She noted that the call for tenders launched to secure the supply of thermal power plants (Tahaddart and Ain Beni Mathar) has aroused significant interest. "We have received dozens of responses. Following an accelerated procedure, the first contract will be signed in the coming days, at the latest next week," explained Benali. She also recalled that Morocco's need for natural gas is close to 500 million m3 per year in the short term.

Ithmar concludes an agreement with a dozen African sovereign funds:

On Monday in Rabat, three agreements were signed on the occasion of the Africa Sovereign Investors Forum (ASIF), held at the initiative of Ithmar Capital. A memorandum of understanding for the creation of ASIM was signed by Ithmar Capital and a dozen African sovereign funds. The memorandum consolidates and accelerates the key principles of the joint declaration, sets an ambitious roadmap and clear objectives, and organises governance among the members. It also includes the signing of a letter of intent between the African Development Bank (AfDB), Africa50 and ASIF to cooperate on project identification and preparation, mobilisation of capital for project preparation and implementation, and cooperation on skills and expertise development.

Top start of the 18th edition of the exercise "African Lion 2022":

In accordance with the High Instructions of the King, Supreme Leader and Chief of General Staff of the Royal Armed Forces, the RAF and the US Armed Forces are co-organising the 18th edition of the "African Lion 2022" exercise on June 20 to 30, 2022. The effective start of the operations of the Multinational Joint Task Force was marked by an opening ceremony this Monday, June 20, 2022 at the level of the South Zone Headquarters in Agadir, in the presence of representatives of the participating countries, according to a statement of the General Staff of the Royal Armed Forces.

Attijariwafa Bank is going to issue an EOP of 1 MMDH :

 

The Moroccan Authority of the Capital Market (AMMC) announced having approved, on Friday, a prospectus relating to the issue by Attijariwafa Bank of a perpetual subordinated bond (EOP) with a loss absorption mechanism and cancellation of coupon payments. This loan is composed of two unlisted tranches A and B, capped at one billion dirhams (MMDH), indicates the AMMC in a press release, noting that the subscription period extends from June 24 to 28, 2022 included. As for the allocation method, it consists in a French auction with priority to tranche A (with a revisable rate every 10 years) then to tranche B (revisable rate annually).