Morocco holds benchmark interest rate at 2.25%
Morocco’s central bank has kept its benchmark interest rate at 2.25%, following its quarterly board meeting on Tuesday,
Speaking in the House of Representatives on Monday, Morocco’s Energy Transition and Sustainable Development Minister Leila Benali reaffirmed that the country was looking to target production of 20 gigawatts of renewable energy capacity, while also developing its natural gas infrastructure, according to local media. Minister Benali announced a $700 million investment in gas pipelines connecting a planned natural gas terminal in Nador to the Maghreb-Europe pipeline and the industrial zones of Mohammedia and Kenitra.
This follows comments in May when Minister Benali told a chemical industry forum that Morocco hoped to double its power-generation capacity by 2030, which is when it co-hosts the FIFA World Cup, with renewable sources making up 80% of that increase. Benali went on to tell the House, Monday, that the North African country’s strategic advantages, in terms of proximity to Europe and already existing infrastructure, would also significantly boost its green hydrogen efforts, likening Morocco’s green hydrogen opportunity to that of Saudi Arabia’s dominance in traditional energy markets.
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