Mr. Salaheddine MEZOUAR, Minister of Economy and Finance and Mr. Ahmed Reda Chami, Minister of Industry, Trade and New Technologies headed Wednesday, February 17th 2010, at the Ministry of Economy and Finance, the signing ceremony of four agreements on the implementation of (NEPI). Firstly, the Minister of Economy and Finance signed the circular on the admission of investments within the regulatory framework of (NEPI) which allows insurance and reinsurance companies to participate, through their technical reserves, in such Fund.
Secondly, Mr. MEZOUAR and Mr. CHAMI together with the (NEPI) Bank Partners as (Attjariwafa Bank, BMCE and BCP) signed two agreements to launch the funding offer for foreign investors in Morocco global businesses. The aim of the offer is to enhance Morocco`s attractiveness as a destination for investors operating in sectors where the Kingdom has clear and exploitable competitive advantages (Morocco global businesses).
- Funding offer comes in two components:
the setting up of credit lines and banking services dedicated to foreign investors of Morocco global businesses;
the setting up of an Industrial Real Estate and services Investment Fund aiming at creating a rental housing supply adapted to the investors` needs.
By 2015,each (NEPI) Bank Partner will mobilize, within the framework of the establishment of credit lines and banking services, one billion dirhams so as to support foreign investors in Morocco.
The aim of the Industrial Real Estate and services Investment Fund is to provide foreign investors with a range of real estate rental in order to settle down in Morocco. The NEPI Bank Partners, who gathered in a Consortium, aim to raise the fund to over one billion dirhams by 2015.
Then, Mr. MEZOUAR together with Mr. Ahmed Reda Chami and Mr. Houcine ITAOUI, Director General of the Central Guarantee Fund signed an agreement relating to the management by the Central Guarantee Fund of "Emergence Invest" Funds financing in capital investment.
The fund aims to finance equity and quasi-equity firms governed by Moroccan legislation with an annual turnover excluding taxes less than 100 million dirhams on account of private investors` investments. These funds will be contracted out to firms selected on the basis of their experience, their proposed investment policy and their ability to mobilize additional financial resources.
By the end of 2012, two funds, of a minimum size of DH 700 million, dedicated to the development and transfer of business will be launched. The State will contribute with DH 350 million and the private shareholders with the other half. Each Investment Fund has a minimum size of DH 350 million with 50% as a maximum contribution of the state which amounts to DH175 million. The maximum length of time Investment Funds can last is 10 years which may be extended maximum twice a year for an investment period of 4 years after the first closing.
The state`s setting up of public private funds for capital investment reflects its effort to support capitals by yielding to private investors a share of its profits.