$ 1.64 billion investments in Morocco in 2004

Investments in Morocco in 2004 have reached, according to temporary estimates, MAD 14 billion (around USD 1.64 Billion), said a senior official in the Finance Ministry.

In an interview published by 'Al Moustakil' weekly, Hassan Bernoussi explained that the final value of investments in 2004 was not yet counted, saying it could reach MAD 15 billion (around USD 1.76 billion).

He added that the sale of 16pc of the capital of Maroc-Telecom will be listed in the accounts of 2005.

Bernoussi recalled that the World Bank report on foreign investments in 2003 ranked Morocco at the top of Arab and African countries.

He said stability of economic laws, the geographic location, infrastructures and the conditions of business encourage investors to settle in Morocco.

He cited, nonetheless, that some problems discourage foreign investments, saying public authorities are examining them seriously.