The Moroccan Economy in Brief: Wednesday, October 12, 2022

Entrepreneurship: Signature of a partnership agreement between the Attijariwafa bank group and Injaz Al-Maghrib:

The Attijariwafa bank group and Injaz Al-Maghrib have for many years made building the entrepreneurial capacities and skills of young people a strategic priority. This is the reason why Attijariwafa bank and Injaz Al-Maghrib, faithful to their vocation as benchmark societal players, are joining forces and pooling their assets in the service of this vision through a support system for entrepreneurship.

Food security in Africa: OCP allocates 4 million tons of fertilizer:

Mostafa Terrab, Chairman and CEO of the OCP Group, announced yesterday at the Annual Meetings of the World Bank that the OCP Group, world leader in the plant nutrition market and the world's leading producer of phosphate fertilizers, is committed to dedicating more than 4 million tons of fertilizer for African farmers in 2023. This represents more than double the supply dedicated by OCP to the continent in 2021 and more than a quarter of the total production planned by the Group.

Foreign exchange office: a net result of more than 31 million dirhams in 2021:

The Foreign Exchange Office recorded a positive net result of 31.67 million dirhams (MDH) for the year 2021, after a deficit of 25.47 MDH in 2020, according to its management report. "The net result for the 2021 financial year is no longer in deficit, and recorded a positive amount of 31.67 million dirhams, following the increase in operating profit", indicates the same source. The increase in operating income by 63% to 173.57 MDH is explained by the increase in operating income, combined with the drop in operating expenses generated mainly by the reduction in operating allocations to provisions for risks and charges of the International Center for Conferences and Exhibitions of the Office des Changes (CICEC) .

The IMF announces growth of 0.8% in 2022 and 3.1% in 2023 for Morocco:

Morocco is expected to grow by 0.8% this year and 3.1% in 2023, according to projections by the International Monetary Fund (IMF) published Tuesday in its latest update of the outlook for the world economy. The Kingdom's GDP should rebound to 3.4% in 2027, anticipates the IMF in this report, published on the sidelines of these annual meetings in Washington with the World Bank. Inflation is also expected to rise to 6.2% in 2022 before falling to 4.1% next year, according to the same source.

CDG Capital Gestion sets up the first SRI equity category fund in Morocco:

A benchmark player in its sector of activity and placing CSR at the heart of its concerns, CDG Capital Gestion is launching the first Socially Responsible Investment fund in Morocco in the equity category with the ESG 10* benchmark: “CKG ISR SELECTION”. Stemming from the ambitions and commitments of its parent company CDG Capital in favor of sustainable finance, the new socially responsible investment vehicle of CDG Capital Gestion thus takes into account extra-financial criteria, combining financial performance and sustainable impact. “CKG ISR SELECTION” integrates a systematic consideration of the environmental and social footprint and the quality of governance in the selection and management of investments.