News Agencies Feed :

Energy Minister: Morocco Is Promising Destination for German Investors

The official promoted Morocco's business climate and structural strategies in the energy sector to attract German investors.

10 Apr 2019

Rabat – Minister of Energy, Mining, and Sustainable Development Aziz Rabbah has emphasized that Morocco is interested in a joint venture with Germany in the energy sector.

“Morocco is a promising destination for German energy investors,” said Rabbah.

Rabbah made the remarks in a meeting with German energy officials during the Berlin Energy Transition Dialogue on Monday.

Rabbah informed German officials of Morocco’s ambition to have, in the coming years, an electricity exchange between Africa and Europe.

The minister stated that although Morocco is a “small” country, it contains plenty of opportunities. He supported his declaration by highlighting Morocco’s continuous reforms to establish a business climate conducive to foreign investments.

Germany, a world leader in renewable energies, industrialism, and sustainable development, pays particular attention to forging partnerships with Moroccan enterprises to get into African markets, especially to promote efficient energy solutions, Rabbah noted.

Recognizing Germany’s expertise in the sector, Rabbah spoke about Morocco’s potential and its focus on renewable energy.

Morocco launched an energy strategy in 2009 to reduce the country’s electricity consumption levels. Morocco’s first center for the development of renewable energies dates back to 1982 and its first wind stations date back to 2002, said Rabbah.

Since launching the national energy strategy, Morocco’s reliance on foreign countries for electricity reduced from 98 percent to 92 percent.

Khaled Al Hussaini, in charge of Moroccan embassy affairs in Berlin, reviewed cooperation between Germany and Morocco.

Al Hussaini stressed that the various reforms Morocco established, its presence in African countries, and its many free trade agreements all make Morocco suitable as a major destination for German investments.

He added that the German Siemens group is active in Morocco’s solar energy program through significant investments in wind energy. The group has industrial units in Tangier and production projects on the Atlantic coast in southern Morocco.

The aim of the meeting was to enable a dialogue between German businessmen and Moroccan officials on the business climate and investment opportunities in Morocco.

Noor project to generate 35% of Morocco’s electricity needs

Morocco’s energy bill is estimated at MAD 70 billion ($7.3 billion) annually, of which MAD 14 billion ($1.5 billion) is spent on subsidies for butane gas.

Morocco has a long-term strategy to switch to the use of photovoltaic solar panels in for energy instead of using gas.

To do so, Morocco has launched the world’s largest solar energy project, the Noor Solar Plan, in the Sahara desert, 10 kilometers from Ouarzazate.

The Noor project has three phases and four parts: Noor I, Noor II, Noor III, and Noor IV. The three solar stations have cost Morocco MAD 24 billion ($2.5 billion).

The projects are set to generate 35 percent of Morocco’s electricity consumption by 2020.

The German Development Bank (KfW) has helped finance the project with an estimated MAD 659 million ($68.5 million) loan. Morocco also received a $400 million loan from the World Bank and $216 million from the Clean Technology Fund.

moroccoworldnews

Stock Market

Index

Value

Change

Open

MADEX

9 209,87

0,82 %

9 135,23

MASI

11 329,76

0,81 %

11 238,86

FTSE CSE

10 269,41

0,50 %

10 218,62

Contact US | Powered by CNPHUB.com - All Rights Reserved