Morocco’s Mohammed VI Fund is looking to raise USD 14 bn to ramp up private sector investments, including in renewables projects, the Kingdom’s Investment Minister Mouhcine Jazouli told Bloomberg Asharq last week. The country expects to raise USD 4.2 bn locally and the remaining USD 8-10 bn from Europe and the GCC, the minister added.

Where the money is going: The fund will finance large investment projects through public-private partnership frameworks and will invest in small and medium enterprises. The fund will also dole out loans to companies that operate in “high-return sectors,” according to Asharq.

This is all with an eye to raise private sector participation in Morocco’s economy, with a focus on green projects and renewables, Jazouli said. The Kingdom is looking to double the private sector’s contribution to the country’s economy to two-thirds, up from one-third currently.

REFRESHER- Morocco is a green investment magnet from regional + non-MENA players: Egypt’s Hassan Allam Holding is mulling investing USD 50-150 mn in Moroccan renewable energy and desalination projects within the next year, while Egypt’s Orascom Investment Holding (OIH) is eyeing an initial USD 100 mn investment in renewable energy, EV charging stations and agro-industrial sectors in the North African country. Independent power producer Lekela is also exploring projects in Morocco, its CEO Chris Antonopoulos told the Africa Report in an interview last month. Indian conglomerate Adani Group also signaled potential investments in renewables projects with a combined 10 GW capacity in Morocco to supply green ammonia to Europe last October.

BIG INDUSTRY PLAYERS WANT TO POWER UP WITH RENEWABLES-

Morocco’s OCP to invest USD 12.3 bn to greenify its operations by 2027: Moroccan state-owned fertilizer manufacturer OCP Group is earmarking USD 12.3 bn to invest in solar and clean energy projects as it looks to rely entirely on renewables to power its facilities by 2027, OCP CEO Mostafa Terrab said in a meeting with Moroccan King Mohammed VI (watch, runtime: 5:48). OCP’s push to accelerate renewables-driven production capacity will reduce its considerable reliance on foreign imports of ammonia for fertilizer manufacturing by producing more green ammonia, Terrab said. The company’s ammonia imports totaled USD 1.65 bn in the first ten months of 2022, Terrab said.

AND WATER SCARCITY IS GETTING A FUNDING INCREASE-

Morocco announced plans to increase investments in its water program by over 30% to USD 14 bn over the next five years to shore up potable water and irrigation needs, Bloomberg Asharq reports, citing a statement from the water program’s steering committee. Morocco is one of the world’s most water-stressed countries, according to a World Bank report earlier this year, and is experiencing its fifth consecutive year of drought.