Highlights

Participation of the Minister Delegate at the Ministry of Economy and Finance, in charge of the Budget, at the Annual Meeting of Governors of the EBRD : 22/05/2012

Participation of the Minister Delegate at the Ministry of Economy and Finance, in charge of the Budget, at the Annual Meeting of Governors of the EBRD

A delegation headed by Mr. Driss EL AZAMI EL IDRISSI, Minister Delegate to the Minister of Economy and Finance in charge of the Budget, took part at the annual meeting of Governors of the European Bank for Reconstruction and Development (EBRD) that was held Saturday, May 19th 2012 in London.

During this annual meeting, shareholders of the (EBRD) approved the establishment of a special fund with a budget of one billion Euros intended to promote investments in the emerging Arab democracies, including Morocco.

The fund will enable the EBRD to proceed with the implementation of major investment projects in the region following the expansion of the financial institution to the south and the Mediterranean zones.

The EBRD stated that it intends to invest particularly in Morocco, Tunisia, Jordan and Egypt, where it recently establishes branch offices.

Investment projects in these countries will focus on the private sector development by encouraging the development of small and medium enterprises, the reinforcement of the financial sector stability and the promotion of energy sector.

In addition, the EBRD stressed that it intends to increase to 2.5 billion Euros a year the amount of investment in the region.

The EBRD of which Morocco is a shareholder, decided to open an office in Casablanca, an initiative which recognizes the exceptional developments occurring in Morocco and the institutional reforms that it initiated.

A variety of issues were dealt with at the meeting of London such as the role of the bank to mitigate the impact of the euro crisis.

Participants also discussed issues including energy, financial markets and the impact of the financial crisis in particular areas where the institution operates.