Morocco to invest over $540 million in mining, energy sectors over 5 coming years

Morocco will invest more than $540 million over the five coming years for the development of the mining and energy sectors.

This projected investment, representing a 30% increase compared to the expendatures of the past five years, will be contributed by the public and private sectors, Moroccan energy and mining minister said earlier this week while unveiling his department's 1999-2003 plan.

The plan provides for speeding up rural electrification programs, encouraging the use of renewable energies, enhancing mining prospecting, environment protection, draining more foreign investments and stabilizing hydrocarbon prices.

The plan encourages the peaceful use of nuclear energy, and the use of natural gas in the industrial sector to lower the country's energy bill. It also provides for setting up an energy observatory.