London – The Minister of Economy and Finance, Nadia Fettah Alaoui, said Wednesday in London that Morocco has issued a bond on the global financial market for a total of 2.5 billion dollars, divided into two tranches of 1.25 billion each.

A rate of return of 6.22% and a coupon of 5.95% were offered on the first five-year tranche, which was issued at a spread of 195 basis points and a price of 98.855%. A rate of return of 6.602% and a coupon of 6.50% were offered on the second 10.5-year tranche, which was issued at a spread of 260 basis points and a price of 99.236%.

This foreign market entry comes after Fettah Alaoui and representatives from the Treasury and External Finance Department conducted a roadshow to the global investment community (DTFE)

Its listing “is a testimonial to investors’ faith in the durability of the Moroccan economy amid a crisis, as well as the integrity of the Kingdom’s macroeconomic fundamentals and the discipline of its public finances,” Fettah Alaoui told MAP.

She stated that because the Kingdom of Morocco is in a position of leadership on the African continent, the first Roadshow in three years was an opportunity to discuss with investors the outstanding accomplishments and dynamism of the Moroccan economy under the wise leadership of His Majesty King Mohammed VI.

Fettah Alaoui said that the robust reaction from top-notch investors is a “real testimonial of the confidence enjoyed by Morocco,” adding that “this international entry in a situation of volatility and difficulty of financial markets is confirmation of the strength of our economy and our credit.”

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The United States ambassador to Morocco, Puneet Talwar, met with Nadia Fettah, the minister of economy and finance.

The meeting was held to “review a series of areas of economic and financial cooperation between the Kingdom and the United States and discuss ways to further strengthen this cooperation,” based on a statement issued by the ministry.

The minister outlined the important reforms the government has been working on over the previous year in addition to the initiatives the government hopes to implement this year.Fettah focused on the areas of social protection, investment, education, and health in order to increase cooperation with Washington.

Puneet Talwar expressed the desire of the United States to support the growth of relations with Morocco and welcomed the dynamics of the proposed reforms. It is also important to note that Rabat is relocating closer to Israel, one of the United States’ most crucial allies.

The agreement with Tel Aviv to explore and produce natural gas, as well as the kingdom’s growing leadership in renewable energy, are both efforts to combat the global energy crisis.

According to Talwar, “The United States and Morocco are more committed than ever to promoting sustainable economic growth in Morocco and throughout the African continent.”

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According to Nadia Fettah, who emphasized the “extraordinary collaboration” between Morocco and the WB, “we have achieved practically a record level in 2022 with close to 1.8 billion dollars, but beyond the quantity, what counts is that this partnership embraces all key initiatives and reforms in our country.”

The minister claimed that the financial institution has a “very good understanding” of the steps taken by the Kingdom to manage the consequences of numerous crises as well as to keep up the pace and effort of significant reforms, particularly in relation to social protection, the transition to clean energy, and investment.

“All of the World Bank’s executives confirmed that they are very happy with this partnership, because they can see its impact on the country’s economy and development as well as on the Moroccan citizen,” Nadia Fettah said.

The World Bank wants to advance alongside our nation and turn it into a role model for middle-income nations seeking greater growth and development, she added.

In reference to the World Bank and International Monetary Fund (IMF) Annual Meetings slated to take place in Marrakech in October 2023, the Minister stated that his discussions in Washington reviewed the preparations for this significant gathering of the banking and financial industries.

She said that the World Bank “itself is inquiring for a mission and a revitalized vision” and that “it is a matter of taking stock of the logistical preparations obviously but also on the major topics to be tackled in Marrakech.”

“We will have a lot of inputs at the global level” before these meetings in Morocco, continued Fettah, “so that the important decision makers of this globe agree on a greater role for the World Bank.”

On the same topic, the Moroccan representative said that it was crucial to rally everyone to make these meetings a big deal and to celebrate their return to Africa after a 50-year absence.

To emphasize the worldwide nature of the two institutions, the annual meetings of the World Bank Group and the IMF alternate between Washington, D.C., and every three years, a member nation other than the United States. In 1973, Nairobi, Kenya, hosted the final gathering in Africa.

To address global concerns including financial stability, the effects of climate change, and the efficacy of development aid, the gatherings bring together central bank governors, finance ministers, academics, business executives, legislators, and journalists for a week.

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Following a presentation on the preparatory measures relating to the development of the 2022 Finance Bill (PLF), the Government Council met on Saturday under the chairmanship of the Head of Government, Mr. Aziz Akhannouch, to review an organic law project relating to the appointment to higher functions and several international agreements.

According to a news release from the Department of the Head of Government published at the end of the Council, the Minister of Economy and Finance, Ms. Nadia Fettah Alaoui, gave a presentation on the preliminary steps linked to the preparation of the 2022 PLF.

Ms. Ghita Mezzour, Minister Delegate to the Chief from the Government responsible for the digital transition and administrative reform, presented a draft organic law amending and supplementing the organic law relating to the appointment to higher functions in accordance with the provisions of Articles 49 and 92 of the Constitution to the Government Council.

According to the press release, the Council of Europe examined the protocol amending Council of Europe Convention No. 108 for the protection of individuals with regard to automated processing of personal data, which was signed on 10 October 2018 in Strasbourg, along with a bill approving the protocol, as well as reviewing two cooperation agreements signed on August 11, 2021 in Rabat by the governments of the Kingdom of Morocco and the State of Israel, the first concerning air services with a bill approving the agreement, and the second concerning cooperation in the fields of culture and sports with a bill approving the agreement.

The focus of the meeting was on the evaluation of the agreement establishing the African Monetary Fund, which was signed in Abuja on May 28, 2007, the Council also passed in review the Charter of African Cultural Renaissance, agreed during the 6th regular session of the Conference of Heads of State and Government of the African Union (AU) in Khartoum on January 24, 2006, as well as the bill approving said Charter, according to the same source.

Mr. Nasser Bourita, Minister of Foreign Affairs, African Cooperation, and Moroccans Abroad, submitted these agreements, the protocol, and the charter, according to the press release.

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Israeli Foreign Minister Yair Lapid will pay his first official visit to Morocco on August 11.
Thus, according to reliable sources, Lapid will meet with his Moroccan counterpart Nasser Bourita in order to discuss ways to strengthen relations between Morocco and Israel. This would be the first visit by an Israeli foreign minister Silvan Shalom since 2003.
Prior to the 25 July launch of a direct air line between Israel and Morocco, Israel’s Foreign Minister Silvan Shalom announced he would be visiting Morocco.

In the same regard, Moroccan Tourism Minister Nadia Fettah Alaoui, called Israeli Tourism Minister Yoel Razvozov today to discuss ways of enhancing cooperation between the two countries, following the resumption of direct flights, as well as in preparation for Israeli Foreign Minister Yair Lapid’s visit to Morocco next month.

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