The new economic zone whose works were launched a few weeks ago in Fnideq has officially come into being after its legal status was recently published in the Official Gazette. Under the decree, the public company managing the activity of the nearby Tangier Med Port, Tanger Med Special Agency (TMSA), has received government approval to create the company dubbed “Zone d’Activité Economique de Fnideq” (Zone of Economic Activity of Fnideq), with an initial capital of 1 million DH ($103,148). According to the recently published decree, the project aims to install the necessary infrastructure for economic and social development in the region. In addition to the land granted by the Moroccan state, the project will cost 200 million DH ($20.63 million), including both the planning and construction expenses. The losses incurred by smuggling at the Sebta crossing point alone were estimated at the time at €730 million.

Source: The North Africa Journal June 30, 2020 00:33 UTC