In an article published on Tuesday, French daily Le Figaro highlights the attractiveness of Casablanca Finance City (CFC), describing it as the “Moroccan Wall Street” that “attracts entrepreneurs and multinationals looking for a springboard to Africa”.
“Created in 2010, this special zone in the heart of Casablanca, with its modern infrastructure and gleaming buildings, attracts start-ups, multinationals, banks, insurers and investment funds. Today, CFC is home to 225 companies operating in 115 countries, including 50 in Africa”, the daily writes under the headline ‘Casablanca, Morocco's Wall Street, conquering Africa’.
Referring to Casablanca's position as the continent's leading financial center, ahead of Kigali and Johannesburg according to the International Financial Centers Index, Le Figaro notes that this economic hub, which last month welcomed 1,200 industry leaders to the 5th Africa Finance Summit (AFIS), also aims to be a financial platform, with its promoters' ambition to make it “the hub of African finance”.
“By attracting companies and capital, “Casa” aims to stand out as a business hub in Africa, the issue notes, pointing out that on this continent deemed as “the next relay for global growth”, 70% of households will have purchasing power greater than $5,000 by 2025, according to the International Monetary Fund (IMF).
For the daily, the dynamic of the Casablanca marketplace has been driven by political will, reinforced by HM King Mohammed VI's speech in Abidjan in 2014, in addition to the Kingdom's reintegration into the African Union in 2017.
Drawing on figures from the Ministry of Economy and Finance, Le Figaro notes that since this period, Moroccan investment in Africa has soared, going from $100 million in 2014 to over $800 million in 2021, pointing out that today, 43% of Moroccan foreign direct investment is directed towards the continent.
