(Ecofin Agency) - Mutuelle Agricole Marocaine d’Asssurance launches (MAMDA) is considering setting up an investment fund of MAD500 million ($52.2 million) for agriculture and agribusiness development.

The mutual group, which offers agricultural insurance coverage, plans to provide capital support to mid-cap companies through investments the amount of which are not yet specified. MAMDA does not provide information on potential investors who will mobilize the financial resources for this new fund.

In Morocco, agriculture is the main source of employment providing 38% of employment at the national level and about 74% in rural areas alone. The sector accounts for about 13% of the country’s GDP, the Ministry of Economy and Finance said in a study published in July 2019.

Chamberline Moko