{"id":2612,"date":"2026-11-09T09:00:00","date_gmt":"2026-11-09T09:00:00","guid":{"rendered":"https:\/\/wladvisory.net\/?p=2612"},"modified":"2026-10-09T06:50:42","modified_gmt":"2026-10-09T06:50:42","slug":"the-moroccan-investment-charter-four-subsidy-schemes-one-stated-objective-two-speeds-of-delivery","status":"publish","type":"post","link":"https:\/\/wladvisory.net\/ar\/the-moroccan-investment-charter-four-subsidy-schemes-one-stated-objective-two-speeds-of-delivery\/","title":{"rendered":"\u0645\u064a\u062b\u0627\u0642 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0645\u063a\u0631\u0628\u064a: \u0623\u0631\u0628\u0639\u0629 \u0645\u062e\u0637\u0637\u0627\u062a \u062f\u0639\u0645\u060c \u0647\u062f\u0641 \u0648\u0627\u062d\u062f\u060c \u0633\u0631\u0639\u0629 \u062a\u0646\u0641\u064a\u0630\u064a\u0646"},"content":{"rendered":"\n

MAD 550 billion in private investment and 500,000 jobs: these are the targets set when the Charter was launched. Midway through, one is progressing markedly faster than the other \u2014 and the Charter itself rests on four schemes with very different logics.<\/em><\/p>\n\n\n\n

A framework law that replaces a patchwork of sectoral regimes<\/strong><\/h2>\n\n\n\n

The Investment Charter is set out in Framework Law No. 03-22, promulgated by Dahir No. 1-22-76 of 14 Joumada I 1444 and published in Official Gazette No. 7151[1]<\/a>. Its implementing decree, Decree No. 2-23-1, was published a few weeks later[2]<\/a>. This text does not create one more isolated mechanism: it replaces a patchwork of sectoral and regional incentive regimes that had coexisted until then with a single framework broken down into four separate schemes, each corresponding to a different investor size or profile.<\/p>\n\n\n\n

Two numerical targets, two speeds of delivery<\/strong><\/h2>\n\n\n\n

When the Charter was launched, two quantified targets were set for the implementation period: MAD 550 billion in private investment and 500,000 jobs created[3]<\/a>. According to an interim assessment released in summer 2025, about 67% of the financial target had been met, against only about 33% of the jobs target \u2014 a significant gap between the volume of investment committed and its translation into jobs actually created, which we think worth keeping in mind before assessing the Charter on the sole criterion of the total amount approved. Since then, the pace of approvals has held steady: the National Investment Commission has passed its 11th meeting, bringing the cumulative total since the Charter’s launch to 391 investment agreements for an overall volume of MAD 520 billion[4]<\/a> \u2014 a cumulative figure that mechanically brings the financial target closer to its goal, with no officially updated percentage of achievement of the jobs target having, to our knowledge, been released since the summer 2025 interim assessment.<\/p>\n\n\n\n

Four schemes, four audiences<\/strong><\/h2>\n\n\n\n

Decree No. 2-23-1 organizes State support into four cumulatively distinct schemes, each with its own eligibility thresholds and its own governance[5]<\/a>: the main scheme for investments starting at MAD 50 million or generating a significant number of stable jobs, the scheme dedicated to strategic-character projects starting at MAD 2 billion, the MSME scheme activated later for very small, small and medium-sized enterprises, and the international-development scheme for the overseas expansion of Moroccan companies. We will detail the main scheme, strategic projects, and the MSME scheme, each in a separate Brief in this series, consistently using their official names as set by Decree No. 2-23-1.<\/p>\n\n\n\n

Scheme<\/strong><\/td>Target<\/strong><\/td>Access threshold<\/strong><\/td>Support \/ governance<\/strong><\/td><\/tr>
Main<\/td>SMEs and large companies<\/td>Investment \u2265 MAD 50 million, or creation of \u2265 150 stable jobs<\/td>Cumulative subsidies up to 30% of investment (sectoral, territorial, shared subsidies); reviewed via the CRUI and an investment agreement<\/td><\/tr>
Strategic Projects<\/td>Very large projects<\/td>Investment \u2265 MAD 2 billion, security\/standing\/ecosystem criterion<\/td>Benefits negotiated case by case; approved by the National Investment Commission, chaired by the Head of Government<\/td><\/tr>
MSME<\/td>Very small, small and medium-sized enterprises<\/td>Annual turnover between MAD 1 million and MAD 200 million, minimum 10% own financing<\/td>Cumulative subsidies up to 30%, including an enhanced sectoral subsidy of up to 10%; scheme activated by Decree No. 2-25-342 (Orders of November 6, 2025)<\/td><\/tr>
International Development<\/td>Moroccan exporting companies<\/td>Not finalized in the texts published to date<\/td>Implementation details still sparsely documented publicly \u2014 a point to treat with caution, for lack of an identified implementing decree<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

The main scheme: up to 30% of the investment in combined subsidies<\/strong><\/h2>\n\n\n\n

For the main scheme, subsidies are split into three cumulative families, capped at 30% of the eligible investment: a sectoral subsidy of up to 5% for priority sectors (industry, tourism, digital, renewable energy, waste recovery, logistics, offshoring, cultural industries), a territorial subsidy of 10% or 15% depending on the province category \u2014 the provinces with the highest level of economic development, including Casablanca, Rabat, Tangier and Marrakech, are excluded from it, and five shared subsidies covering local integration (up to 20% depending on the integration rate), sustainable development, future-oriented trades, employment, and the gender approach.<\/p>\n\n\n\n

A build-up visible in the pace of investment commission meetings<\/strong><\/h2>\n\n\n\n

The body that approves projects under the main scheme and strategic projects is the National Investment Commission, chaired by the Head of Government. Its 3rd meeting, in January 2024, had approved 42 projects for MAD 7.4 billion[6]<\/a>; its 6th meeting, in December 2024, approved 56 \u2014 48 agreements and 4 amendments under the main scheme, and 4 strategic projects \u2014 for a cumulative amount of MAD 134 billion and nearly 28,000 jobs expected[7]<\/a>; at its 11th meeting, in July 2026, the Commission approved a further 29 agreements and 9 amendments under the main scheme (about MAD 42 billion, 9,800 jobs expected) as well as 3 new agreements and 3 strategic-status designations under strategic projects[8]<\/a>. This regularity, sustained over eleven consecutive meetings, illustrates the scheme’s continuous build-up \u2014 without, on its own, indicating the actual completion rate of these projects on the ground.<\/p>\n\n\n\n

The WL Advisory perspective<\/strong><\/h2>\n\n\n\n

An employment-to-investment gap to watch, not to ignore<\/strong>: a financial target met two-thirds of the way and a jobs target met one-third of the way do not tell the same story about the Charter. Our reading: current subsidies reward investment volume more than they reward the density of jobs created per dirham invested \u2014 an imbalance that deserves to be tracked in upcoming assessments rather than resolved a priori, for lack of public detail on the sectoral breakdown of this gap.<\/p>\n\n\n\n

Four schemes, four distinct support journeys<\/strong>: one and the same investor may legitimately wonder which of the four schemes applies to them, particularly at the boundary between the main scheme and the MSME scheme, or between the main scheme and strategic projects. This is precisely the role PMO-type support plays: guiding a project sponsor toward the right scheme from the moment the file is put together, rather than letting them discover, after filing, that another regime would have been more favorable to them.<\/p>\n\n\n\n

The MSME scheme, a young scheme whose results remain to be measured<\/strong>: activated only since November 2025, nearly three years after the framework law itself, the MSME scheme is the most recent of the four and, to our knowledge, the only one for which no set of figures is yet public. This implementation lag spanned a period in which the Head of Government, who chairs the National Investment Commission, was himself the subject of conflict-of-interest accusations from the opposition (the PJD) over the tender won in 2023 by a consortium that includes subsidiaries of the Akwa group, in which he is the majority shareholder, for Casablanca’s seawater desalination plant \u2014 accusations he rejected, stating that no public financial support had been granted to the project. We draw no conclusion from this chronological coincidence about a cause-and-effect link with the MSME scheme’s delay \u2014 we mention it because it touches on the governance credibility of the body that steers all of the Charter’s schemes, the MSME scheme included, and because an institutional investor would legitimately factor this kind of element into their country-risk analysis. On the substance of the scheme itself, we recommend caution in any assessment of its effectiveness before the publication of a first official set of figures.<\/p>\n\n\n\n

A fourth scheme still vague, not to be oversold<\/strong>: the international-development scheme remains, in the public sources we consulted, the least documented of the four: we identified no implementing decree published to date that spells out its thresholds or terms of support. Until that text is published, this component of the Charter should be presented as a stated intention rather than a fully operational scheme.<\/p>\n\n\n\n

Reliable, consolidated data, a condition for the scheme’s credibility<\/strong>: the Charter’s governance rests on two data sources that are, today, separate: CRUI decisions at the regional level, documented in our Brief No.3, and the tracking of agreements and subsidies granted under the four schemes, steered at the national level. Neither publishes a public, updated dashboard today. Our recommendation: a national investment observatory, fed by both CRUI data and subsidy-tracking data, with standardized, updated indicators \u2014 projects approved, jobs created, completion rate, territorial and sectoral breakdown. This is, in our view, the simplest condition to put in place so that the Charter is assessed on verifiable facts rather than one-off announcements.<\/p>\n\n\n\n

What this means for you<\/strong><\/h2>\n\n\n\n

For an investor: the right scheme to use depends less on the sector of activity than on the amount invested and the number of jobs targeted \u2014 a poor initial choice between the main scheme, strategic projects and the MSME scheme can cost several points of cumulative subsidy. For an institution or technical partner: the latest officially released gap between the financial target (67%, summer 2025) and the jobs target (33%, summer 2025) is a steering indicator to examine as a priority in any dialogue with the authorities on the Charter’s progress \u2014 a point all the more worth tracking since the cumulative investment volume has since moved closer to its target (MAD 520 billion at the 11th National Investment Commission) with no updated jobs gap having, to our knowledge, been made public.<\/p>\n\n\n\n

\n\n\n\n

Sources<\/h2>\n\n\n\n

[1]<\/a>Framework Law No. 03-22 forming the Investment Charter, Dahir No. 1-22-76 of 14 Joumada I 1444 (December 9, 2022), Official Gazette No. 7151 of December 12, 2022.<\/p>\n\n\n\n

[2]<\/a>Decree No. 2-23-1 issued for the implementation of Framework Law No. 03-22, Official Gazette No. 7174 of March 2, 2023.<\/p>\n\n\n\n

[3]<\/a>Targets announced when the Investment Charter was launched, cited by the Minister of Investment, Convergence and Evaluation of Public Policies, Karim Zidane, on August 19, 2025.<\/p>\n\n\n\n

[4]<\/a>Communiqu\u00e9 of the 11th National Investment Commission, July 2, 2026, chaired by the Head of Government, reported by M\u00e9dias24 and TelQuel.<\/p>\n\n\n\n

[5]<\/a>Decree No. 2-23-1, articles on the support schemes; supplemented for the MSME component by Decree No. 2-25-342 and its implementing orders published in Official Gazette No. 7454 of November 6, 2025.<\/p>\n\n\n\n

[6]<\/a>Minutes of the 3rd National Investment Commission, January 2024.<\/p>\n\n\n\n

[7]<\/a>Minutes of the 6th National Investment Commission, December 2024, chaired by the Head of Government.<\/p>\n\n\n\n

[8]<\/a>Communiqu\u00e9 of the 11th National Investment Commission, July 2, 2026, chaired by the Head of Government, reported by M\u00e9dias24 and TelQuel.<\/p>\n","protected":false},"excerpt":{"rendered":"

MAD 550 billion in private investment and 500,000 jobs: these are the targets set when the Charter was launched. Midway through, one is progressing markedly faster than the other \u2014 and the Charter itself rests on four schemes with very different logics. A framework law that replaces a patchwork of sectoral regimes The Investment Charter […]<\/p>\n","protected":false},"author":2,"featured_media":2613,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,12,23,13],"tags":[32,25,30,38,39,34],"class_list":["post-2612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-governance","category-investment","category-investment-climate","category-private-sector","tag-cri","tag-investment","tag-regional-investment-centers","tag-subsidies","tag-territorial-development","tag-territorial-invetsment"],"_links":{"self":[{"href":"https:\/\/wladvisory.net\/ar\/wp-json\/wp\/v2\/posts\/2612","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wladvisory.net\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wladvisory.net\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wladvisory.net\/ar\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/wladvisory.net\/ar\/wp-json\/wp\/v2\/comments?post=2612"}],"version-history":[{"count":1,"href":"https:\/\/wladvisory.net\/ar\/wp-json\/wp\/v2\/posts\/2612\/revisions"}],"predecessor-version":[{"id":2614,"href":"https:\/\/wladvisory.net\/ar\/wp-json\/wp\/v2\/posts\/2612\/revisions\/2614"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wladvisory.net\/ar\/wp-json\/wp\/v2\/media\/2613"}],"wp:attachment":[{"href":"https:\/\/wladvisory.net\/ar\/wp-json\/wp\/v2\/media?parent=2612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wladvisory.net\/ar\/wp-json\/wp\/v2\/categories?post=2612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wladvisory.net\/ar\/wp-json\/wp\/v2\/tags?post=2612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}