Finance

Morocco : $20 million fund to be created to support innovative local firms

Thursday, 14 February 2019 17:07
Morocco : $20 million fund to be created to support innovative local firms

(Ecofin Agency) - A new MAD200 million ($20.3 million) investment fund baptised Azur Innovation Fund will be created in April 2019 in Morocco. It will target the country’s innovative firms and be managed by Azur Partners.

This fund was initiated by the Dutch Good Growth Fund (DGGF), a fund of the Dutch government that will raise the required financial resources along with other international investors such as the AfDB, World Bank and the KfW. Local Moroccan banks like CIH Bank and BMCE Bank will also invest in the fund.

“With Azur Partners, we launched two funds baptised Afoulki Invest and Nébetou Fund for the agriculture sector. These funds supported a dozen companies. With Azur Innovation Fund which is being structured, we plan to increase it to 20 projects”, said Tarik Haddi, Azur Partners’ manager.

According to Bloomberg’s innovation index 2017, Morocco is the 50th most innovative country in the world behind Tunisia (45th). It is currently the 7th in Africa in terms of scientific publications.

Chamberline Moko



 
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