Casablanca Finance City Authority (CFCA) is a limited company born from a public-private partnership that aims to position Casablanca as a regional financial hub in the continent and a premier gateway into the African markets.
CFCA was set up in July 2010 with a high level shareholding that represents the Moroccan financial sector. It includes Bank Al Maghrib (the central bank), the Casablanca Stock Exchange (CSE) and La Caisse de Dépôt et de Gestion (CDG).
In june 2014, under the law 68-12 related to the CFC status, the name “Casablanca Finance City Authority” was adopted in replacement of the old name “Moroccan Financial Board”.
The Law 44-10 related to the CFC Status, as amended and completed by law 68-12, empowers Casablanca Finance City Authority (CFCA) with the overall management and the institutional promotion of Casablanca Finance City. The enforcement decree of the law creates the CFC Commission, the body responsible for granting the CFC Status, and makes CFCA responsible for the secretariat of this commission.
The CFC Commission is chaired by the minister of finance, and is composed of the following additional members:
- The director of treasury and external finances ;
- The director of the insurance sector regulatory authority ;
- A representative of the central bank ;
- The CEO of the capital market regulatory authority ;
- The CEO of Casablanca Finance City Authority ;
- A representative of Casablanca Finance City Authority
With respect to its legal mandate, the missions of Casablanca Finance City Authority are as follows:
- Establishing and monitoring the CFC development strategy;
- Promoting CFC to international companies and investors;
- Establishing an attractive “CFC value proposition” for companies and investors to encourage them to set up in CFC;
- Initiating new reforms to improve the overall business environment;
- Providing continuous advice and assistance to companies with the CFC status;
These missions are subject to a regular monitoring by a steering committee chaired by the governor of the central bank, and composed of the minister of finance, and high representatives of major national financial institutions and authorities.