Morocco adopts set of measures to reform economy, promote investments

Presenting Tuesday at the House of Representatives (parliament lower chamber) the finance law for 2004, minister of finance and privatization, Fathallah Oulaalou, announced a set of measures to speed up the upgrading of national economy and promote investments.

The state will create the necessary structures such as industrial and tourism zones, in cooperation with public institutions and local communities, and a national agency for small and medium enterprises will be set up by the state, Oulaalou said.

Special credit lines have been opened to provide loans to "young enterprises," in cooperation with friend countries, he said, adding that guarantee funds were created such as the 400 Mln Dirham (around US$ 40 million) Fund for economic upgrading, with a 50% contribution from the EU, the 200 million Dirham ($20 Mln) fund for hotels refurbishment and the 100 Million Dirham fund to support the textile-garments sector.

These funds, the minister said, will enable the mobilization of 8 billion dirhams (US$800 million) of bank credits at advantageous conditions. Oulaalou also announced a train of fiscal measures to accompany the modernization of different sectors.