In Morocco, measures aiming to make Casa Finance City (CFC) a financial continental platform are progressing. After the announcement by the African Development Bank (AfDB) of the setting up of Africa 50 investment fund in CFC, the Moroccan Office of Exchange (MOE) published a circular aiming to liberalise foreign investments (especially intra-African investments) of companies based in Morocco, including those with the CFC status.
Thus, the Circular No 1/2015 of the MOE of 13 February 2015 was taken under Article 778 of the Instruction Générale des Opérations de Changes. According to this Article, a Moroccan company can invest abroad, per calendar year, a maximal amount of 100 million dirhams (about 9.5 million euros) for intra-African investments; and 50 million dirhams (about 4.750 million euros) for investments outside Africa. The Circular now provides that companies with CFC status may make these investments even if they were constituted less than three years ago and even if the investment is not in relation to business in Morocco. The company can invest on transactions or real estate other than those for the operating needs of entities created locally.