Privatization earned Morocco 7.55 billion euros in 11 years, official

The number of partly or fully privatized companies in Morocco between 1993 and 2005 reached 66 earning overall MAD 75.5 billion, about 7.55 billion euros, said Abdelaziz Talbi, director of public enterprises at the privatization and finance ministry.

At a press conference held in Casablanca on Thursday, Talbi said privatization moves helped attract important direct foreign investments enabling Morocco to rank first in this respect among Arab countries and 3rd among African ones, in 2004.

Privatization transactions also positively impacted on the financial Market allowing growth of capitalization at the Casablanca Bourse (stock exchange) going up from MAD 5 billion to MAD 206 billion between 1989 and 2004.

He recalled several companies were privatized, including Ittissalat Al Maghrib (Maroc Telecom), Regie des Tabacs (tobacco distribution company), adding other companies have been turned into public ones in preparation to opening their capital or privatization. He stressed the process will continue in 2005.