Morocco plans to launch investment projects worth billions of dollars

King Mohammed VI of Morocco announced his country’s intention to launch investment projects with a budget of 550 billion dirhams ($55 billion) and provide 500,000 jobs between 2022 and 2026.

“In order to achieve the desired goals (launching projects), we have instructed the government, in cooperation with the private and banking sectors, to translate the obligations of each party into a national investment contract,” the king said on Friday during his speech at the opening of a new legislative session of the Moroccan parliament in the capital Rabat.

He called for “strengthening fair competition rules and activating arbitration and mediation mechanisms to resolve disputes in order to build investor confidence in the country as an investment destination.”

King Mohammed VI explained that “the strategic goal is for the private sector to take its rightful place in the field of investment as a real engine of the national economy.”

The King of Morocco called on the national banking and financial sector to “support and finance a new generation of investors and entrepreneurs, especially youth and small and medium-sized enterprises.”

In another context, Mohammed VI pointed to the “severe drought crisis” his country is going through, calling it “the most severe in over 3 decades”.

He noted that “since 1999, Morocco has built more than 50 dams, in addition to 20 dams that are in the process of being completed.”

He called for “accelerating the completion of projects of the priority national water program for 2020-2027.”

According to the King, the program is “related to the completion of the programmed dams, water networks and seawater desalination plants, as well as to strengthening the goal of saving water in the use of water, especially in the field of irrigation. .”

Morocco is rushing to take further action to reduce drought and contain the negative effects of the drought-related delay in rainfall this season.

This season’s rainfall in the Kingdom is the lowest in 41 years, according to Moroccan authorities, as the proportion of water per capita has fallen to less than 650 cubic meters per year, compared to 2,500 in 1960, according to official statistics.

The volume is expected to be less than 500 cubic meters by 2030, according to a previous report from the Economic and Social Council (government).

Source: Anatolia

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