The Moroccan Economy in Brief: Wednesday, June 9, 2021

Morocco records a sharp decline in the absolute poverty rate to 1.2%:
The absolute poverty rate has declined sharply since 2001 to represent only 1.2% in 2019, in a context of overall improvement in the standard of living of Moroccans, especially in urban areas, according to the National Observatory of Human Development (ONDH). For its part, the relative poverty rate has recorded a decline between 2001 and 2019, since it has fallen from 20.4% to 17.7%, said the ONDH in a study on "The dynamics of poverty in Morocco," whose results were presented Tuesday during a webinar.

122 investment projects in agribusiness validated in Morocco by the project bank:
A total of 122 investment projects in the agri-food sector have been validated, to date, under the project bank, with a total amount of MAD 3.7 billion, according to the Ministry of Industry, Trade and the Green and Digital Economy. Allowing to generate more than 13,000 jobs, these investments represent a potential turnover (CA) of MAD 5.1 billion and MAD 2.1 billion in exports, said during the "Rendez-Vous of the food industry," organized by the ministry. "Morocco would no longer have to import 5 billion and export 2 billion more. The trade balance of the Kingdom would then gain MAD 7 billion," explains the same source.

BCP Group: Mediafinance becomes BCP Securities Services:
The Banque Centrale Populaire Groupe (BCP) announced, on Tuesday, the change of name of "Médiafinance" which becomes "BCP Securities Services" (BCP2S). "As part of the strategic redeployment of the BCP Group's securities business, Mediafinance is changing its name to BCP Securities Services (BCP2S)," the BCP Group said in a statement. The new name reinforces its attachment to the BCP group and marks its specialization in the whole range of services related to Securities Services, the same source said, adding that this change is in line with the evolution of the BCP group's brand identity in order to support its in-depth transformation, initiated in Morocco and internationally.

BMCE Capital "globalizes" its Research division:
Pioneer entity in the field of research and sell side financial analysis in Africa, BMCE Capital Research becomes BMCE Capital Global Research - BKGR. This change of name completes the expansion of its multi-product coverage to Fixed Income, Currencies and Commodities activities, positioning BKGR as one of the first Global Research Offices in Morocco and Africa. It also reinforces the pan-African footprint of our Research Office, which is currently present in Morocco, Tunisia, West Africa and other markets on the continent via the AFRICAN SECURITIES NETWORK - ASN.

Morocco-Congo: A platform of exchange between the operators of the 2 countries is born:
The relations between the Kingdom of Morocco and the Democratic Republic of Congo Kinshasa are historical, solid and sincere, based on the active and effective solidarity. Links that are part of the mutual support, respect and consolidation of cooperation relations for the benefit of both nations. As part of the South-South cooperation which is part of the guidelines of King Mohammed VI, aiming to strengthen and further diversify bilateral cooperation in several areas (promotion and protection of investments, non-double taxation, health, agriculture / livestock, education, logistics, energy/renewable energy, tourism and executive training) between the two countries, two private operators, the Moroccan company RedPiLL and the Congolese company BIOGREEN SPARINE, signed an agreement to initiate together the MaroCongo project.

CRI: Investments increase by 154% in 2020 and approach MAD 60 billion:
The Head of Government presented, on Monday in Rabat, the assessment and prospects of the reform of the Regional Investment Centers (CRI) which is conducted under Law 47.18, which came into force in December 2019. In response to a question on "the reform of the RICs and its impact on the economic and social development of the regions," during the monthly session of policy issues in the House of Representatives, the Head of Government said that the volume of investment has recorded a significant increase of 154% in 2020, from MAD 59.7 billion in 2019 to MAD 151.8 billion in 2020.