Beirut (APD) - Moroccan investors established a $22.2 million regional investment fund for the Sous-Massa-Dra (SMD) region in southern Morocco, the London-based Asharq Al Awsat daily reported Friday.
"This is a 10-year investment regional fund. We expect its capital to go up to $55.6 million and to be closed in three years," said Aziz Akhnosh, head of the Sous-Massa-Dra (SMD) Council, in a press conference in Casablanca on Tuesday.
The fund's capital is open to subscriptions by financial and investment institutions, the newspaper said.
The fund comes in line with Morocco's 2004 program to address development challenges in the country. The program's strategic objectives are the creation of opportunities for domestic investment and the promotion of sustainable population, health, and nutrition programs.
The fund's founders are the Casablanca-based Attijariwafa Bank, the agricultural investment fund Crdit Agricole du Maroc, Banque Centrale Populaire, Caisse de Dpt et de Gestion, and the privately owned Groupe Holmarcom, a utilities and services group.
The fund will focus on projects in the agriculture, tourism and food manufacturing sectors in the SMD region where it will invest in the establishment or development of private companies through equity participation or by providing investment loans, Aknosh said.
The fund will finance10% to 30% of the projects in its portfolio, participating with a minimum of $0.23 million and a maximum of $3.5 million. [TS]
By Mirna Sleiman, APD Staff Writer in Beirut
© APD (Arab Press Digest) 2006
