King Mohammed announces creation of a development fund
Morocco, Economics, 10/9/1999

King Mohammed VI announced on Friday the creation of the Hassan II Fund for Development and Equipment, part of the endeavors to combat unemployment and ensure Morocco's social and economic development.

The fund will devote "revenues from the second GSM license to the launching of projects likely to generate diverse and numerous jobs," the king said in a speech at the opening of the fall session of the bicameral parliament.

Morocco had ceded its second GSM license to Spanish-Portuguese-Moroccan consortium "Medi-telecoms" for $1.08 billion.

King Mohammed VI's decision to use the GSM receipts for development purposes is in tune with a decision taken by his late father, King Hassan II, who had announced a few days before his demise last July 23 to earmark part of the sum to job-generating, social housing and other large-scale projects.

In his speech before the parliament, King Mohammed VI insisted that the Hassan II Fund will have "a priority nature such as rural world promotion, building of decent housing, struggle against shanty towns, the completion of the one million hectare irrigation project, building highways, tourism resorts, and cultural and sports infrastructure."

The king also announced the creation of a steering committee to supervise the work of the fund. "Given the importance we grant these projects, we have decided to set up a steering committee under our supervision, made of representatives of the cabinet, public administrations and competent personalities from the private sector," he said.

He urged the parliament to translate his directives into legislation and concrete measures.

The king deplored the high rate of unemployment which affects Moroccan youth and underlined that he grants paramount importance to settling the issue. "We are deeply saddened by this situation that affects our youth, be they educated or not," he said, before calling for "pondering with all concerned sides on this issue and adopt a new approach in dealing with the situation."

King Mohammed VI also urged the job-seekers to turn to the private sector. "Public administration should not remain the sole employer. Our youth should turn to the private sector without having any complex as to our educational system, a system we are honored to be graduate of," he said.

He urged Moroccan youth "to regain self-confidence and to show a spirit of initiative and creativity." Our goal, he said, is to shape "a citizen ready to rely on himself and to show a spirit of initiative with self-confidence, courage, faith and optimism," the king said.

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