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Coronavirus: Morocco’s private and public institutions contribute to 10 billion dirhams special fund

Written by ML

To face exceptional health expenses and support the sectors affected by the crisis due to the Coronavirus, the kingdom has created a special fund endowed with 10 billion dirhams.

In exceptional circumstances, exceptional funds are needed. King Mohammed VI has ordered on March 16th, the immediate creation of a special fund dedicated to the management of the coronavirus pandemic.

Endowed with a budget of 10 billion dirhams, the special solidarity fund has already benefited from contributions from institutions and operators from the private sector. The Afriquia group, for instance, a subsidiary of Akwa Group, announced a contribution of 1 billion dirhams. Bank of Afriquia, through its president Othman Benjelloun, announced a contribution of 1 billion dirhams.

Moreover, the fine imposed on Maroc Telecom (3.3 billion dirhams) will be fully injected into this fund, which also has a contribution from the Fond Hassan II amounting of 1 billion dirhams. Also, the regions will pay 1.5 billion dirhams.

Finally, the royal holding company Al Mada also decided to contribute to the special fund in the form of a donation of 2 billion Dirhams, says a press release from the Holding.

The special allocation account is aimed at meeting exceptional health expenses and supporting sectors affected by the unprecedented crisis linked to Coronavirus.