Monday, July 13, 2015
This monthly overview features the latest news on companies in the CFC ecosystem.
On June 2nd, Huawei, the Chinese information and communication technology solutions provider, chose to set up its regional head office in Casablanca Finance City, thereby obtaining CFC status. Saïd Ibrahimi, CEO of the CFC Authority, stated that he is “satisfied to be welcoming the first Chinese company to the CFC ecosystem, whose reach now spans to Asia.” The arrival of the Chinese operator reflects Morocco’s appeal as a finance hub among international investors.
The Africa50 Fund, operating out of Casablanca Finance City (CFC), will be injected with $1 billion of target capital funding during this year’s general meetings scheduled for July 28th and 29thin Casablanca. The fundraising teams have already mobilized commitments worth over $800 million from more than 20 African countries. This investment vehicle was set up to accelerate infrastructure delivery in Africa by funding high-impact regional and national projects in the energy, transport, ICT and water sectors. The Fund plans to launch operations after the close of the general meeting on July 29th, immediately drawing on its capital, which will be increased to $10 billion in the medium- to long-term. Its target is to raise $100 billion with a single-A credit rating on international financial markets.
More recently, the CFC company Brookstone Partners, through its Moroccan subsidiary Platinum Power (also CFC-labeled) signed an agreement with the government of Cameroon to build a 400 MW hydroelectric plant. The nearly €1 billion project is structured by a public-private partnership with the Cameroonian authorities to meet the urgent energy needs of local populations.
CFC-labeled hotel operator AccorHotels took the opportunity of French president François Hollande’s visit to Angola on July 3rd to announce its deal to manage 50 hotels for the Angola-based group AAA. This announcement confirms the French hotel group’s strategy to consolidate its leading position in Africa’s hotel industry.
