Created in July 2010, Casablanca Finance City is a public limited company born from a public-private partnership aimed at positioning Casablanca as a regional financial center in Africa.
Casablanca Finance City (CFC), often nicknamed the “Wall Street of Morocco”, is quickly becoming a gateway for entrepreneurs and multinationals looking to establish themselves in Africa, according to an article published Tuesday by the French daily Le Figaro .
Founded in 2010, the CFC is a dynamic hub in the heart of Casablanca. Its modern infrastructure and skyscrapers have attracted startups, multinationals, banks, insurers and investment funds. The CFC today welcomes 225 companies operating in 115 countries, including 50 in Africa.
Casablanca has won its place as Africa’s leading financial center, surpassing Kigali and Johannesburg in the ranking of the Global Financial Centers Index, writes Le Figaro.
In December, the city hosted 1,200 industry leaders at the fifth African Finance Summit (Afis).
With Africa poised to become a key driver of global economic growth, Casablanca is positioning itself as a premier business hub. The International Monetary Fund (IMF) predicts that by 2025, 70% of African households will enjoy purchasing power above $5,000 per year. This trend has strengthened CFC’s appeal to companies wishing to access the continent’s rising middle class.
-Political support played an important role in the rise of the CFC. King Mohammed VI’s speech in Abidjan in 2014 at an economic forum and Morocco’s reintegration into the African Union in 2017 boosted the country’s efforts to deepen its economic ties with the continent.
According to the Moroccan Ministry of Economy and Finance, Moroccan investments in Africa increased from $100 million in 2014 to more than $800 million in 2021. Currently, 43% of Morocco’s foreign direct investments target African countries .
MK/ac/APA
Morocco
