Project Bank: Substituting MAD 83 bln of Imports by Local Production

“As part of the first bank of projects launched following the plan to strengthen the national industrial fabric, our ambition is that the 183 billion dirhams that we import per year fall to 100 billion dirhams, so that we can produce 83 billion dirhams in Morocco”, indicated Elalamy during a teleconference organized at the initiative of Attijariwafa Bank in partnership with the Ministry of Industry, Trade and Green and Digital Economy.

“Of the 183 billion dirhams that we import per year, the 34 billion dirhams, identified initially, are immediately substitutable. Once these 34 billion dirhams are reached, we intend to move to 83 billion dirhams of local production”, specified the Minister during this digital conference, held under the theme “Bank of projects: lever of acceleration of industrial investment and economic revitalization”.

It is an “extremely ambitious” objective which was “unimaginable” before starting the Bank of projects, but given the results posted so far, this objective remains “reasonable and achievable”, said Elalamy, recalling that in the first Bank of projects, 100 projects have been set up, with an objective of reaching 500 projects to cover MAD 34 billion.

After the launch, on September 25, of the online project bank, one of the pillars of the post-Covid-19 industrial recovery strategy, “the war-room”, a unit responsible for supporting project holders was contacted by 524 projects, a total of 238 were selected and supported, covering 71% of the 100 projects, with a potential of 15.1 billion dirhams out of the 34 billion dirhams set as an objective, he said.

“This means that only with the first 100 projects, we have exceeded the basic objectives, which oscillate around 4 to 5 billion dirhams planned for the first 100 projects, arriving at 15.1 billion dirhams”, said the Minister, noting that these results demonstrate that in a context marked by the Covid-19 health crisis, the mobilization of the Moroccan industrial sector has been “exemplary”.

“Moroccan industrialists have shown responsiveness, enthusiasm, agility and efficiency to promote Morocco’s industrial sector and position the country in new markets, while promoting national preference,” he said.