Highlights

Signing of two memoranda of understanding between the State and the ONCF on the one hand and the ONEE on the other : 13/11/2015

Signing of two memoranda of understanding between the State and the ONCF on the one hand and the ONEE on the other

Mr. Mohammed BOUSSAID, Minister of Economy and Finance chaired Friday, November 13th 2015, the signing ceremony of two memoranda of understanding between​ the State and the ONCF on the one hand and the ONEE on the other. These agreements determine the State’s support arrangements (pursuant to the agreement program ONEE- the State) of the credit of the value added tax (VAT deadline), the aggregate value provided by these two institutions, December 31st 2013.

This tax credit is related to investments made by the two offices in recent years to achieve the objectives assigned by their governments particularly in the program contracts concluded with the State.

With the signing of these agreements, both offices will be provided with the financial resources that will carry out in the best terms and conditions structuring projects they are responsible of, reduce payables and improve their payment terms.

At the end of this event, the ONCF and the ONEE are allowed to raise on the local financial market loans worth of VAT credits introduced in the period 2004-2013 and rising for both institutions to 1.8 billion dirhams and 2 billion dirhams, respectively. The deadlines for the repayment of loans mobilized will be set to 7 years and supported by the State.

​ This agreement reflects the State’s commitment to support these two organizations in the implementation of their investment programs in order to provide the country with the required basic infrastructure.