The Moroccan Economy in Brief: Tuesday, September 27, 2022

BMCE Capital Investments launches its first OPCC fund for the development of the startup in Morocco:

BMCE Capital Investments, a OPCC management company of the BMCE Capital Group, launches the Capital Venture Fund, its first OPCC fund in the Venture Capital segment approved by the AMMC on July 29, 2022 under number AG/SPCC/003/2022, dedicated to financing innovative Moroccan startups. The Capital Venture Fund is sponsored by the BMCE Capital Group, investment bank of Bank of Africa – BMCE Group, a leading pan-African player whose innovation is at the heart of DNA.

BOA increases its net income to nearly 1.3 billion dirhams in H1-2022:

The net income group share (RNPG) of Bank of Africa (BOA) amounted to nearly 1.3 billion dirhams (MMDH) in the first half of 2022, up 6.2% compared to the end of June 2021 The Group's net banking income (NBI) recorded an increase of 6.3% to 7.8 billion dirhams at the end of June 2022, indicates BOA in a document on its half-year results. Consolidated loans - excluding resales - posted growth of 2.7% to 187.4 billion dirhams, while deposits from the group's customers increased by 3.1% to 226 billion dirhams, specifies the same source. With regard to social activity, BOA's net income stood at 1.14 billion dirhams at the end of June 2022, up 4% compared to June 2021.

Attijariwafa bank: RNPG up 16.2% in H1-2022:

Attijariwafa bank's net income group share (RNPG) stands at 3 billion dirhams (MMDH) in the first half of 2022 (H1-2022), against 2.6 billion dirhams in H1-2021, up +16.2% . For its part, the consolidated net income amounts to 3.8 billion dirhams in H1-2022, against 3.2 billion dirhams in H1-2021, an increase of +18.7%, indicates the bank in a press release on its indicators. Financial operating income increased by 14.0% to 5.7 billion dirhams, thanks to improved cost control and the gradual normalization of the cost of risk (-12.9%). explains the press release.

OCP Group announces a 50% stake in GlobalFeed S.L.:

OCP S.A., world leader in phosphate products dedicated to plant and animal nutrition, has signed a definitive agreement under which OCP initially acquires 50% of GlobalFeed S.L. from Fertinagro Biotech S.L., a major Spanish fertilizer producer. GlobalFeed which operates in the animal nutrition segment, manufactures and distributes a wide range of products including phosphate based convenience products and premium and high value solutions for multiple species.

The Moroccan Intelcia inaugurates its 1st site in Jamaica:

It is in the presence of Senator Hon. Aubyn Hill, Minister of Industry, Investment and Commerce of Jamaica, from Hon. Dr Norman Dunn, Member of Parliament, Minister of State for the Ministry of Industry, Investment and Commerce of Jamaica, as well as Karim Bernoussi and Mohamed Slimani, respectively Co-founder – Chief Executive Officer and Chief Executive Officer of the US region for Intelcia, which the Group has officially inaugurated its first operational site in the Caribbean.