Egypt Top Destination for Moroccan Foreign Investments in 2017
The Foreign Exchange Office (Office des Changes) in Morocco statistics revealed that Moroccan foreign investments in North Africa rose sharply in 2017, reaching MAD5.53 billion (USD582 million) compared to MAD137 million (USD14.5 million) in 2016.
This strong growth is attributed to Attijariwafa Bank's acquisition of Barclays Bank Egypt S.A.E. - a process that surged Moroccan investment in Egypt to MAD5.44 billion (USD572 million) in 2017, making it the top destination of Moroccan foreign investments during this year.
Moroccan investments in the African continent reached MAD8.03 billion (USD844.6 million) in 2017, an increase of 72.5 percent compared to last year, showed the Office. North Africa invests 69 percent, while Sub-Saharan Africa invests in a 31 percent stake.
The Office revealed that the Moroccan investments in Sub-Saharan Africa dropped 44.7 percent, decreasing from MAD4.51 billion (USD475 million) in 2016 to MAD2.5 million (USD263 million) in 2017.
Although the Ivory Coast remained on top of Sub-Saharan Africa countries as the first destination for Moroccan investment with around MAD1.28 billion (USD134 million) in 2017, these investments declined 29 percent compared to 2016. The rank of the Ivory Coast dropped from the first globally to the third in 2017 after Egypt and France.
Moroccan foreign investments dropped 40 percent in Cameron and 43 percent in Senegal.
Morocco invested in 18 Sub-Saharan Africa countries in 2017.