Majority of FEC-funded projects in 2021 with minimal or manageable risks
The Municipal Equipment Fund (FEC) had a good 2021 financial year. Despite the crisis linked to Covid-19, it ended the previous financial year with a net result of 326.48 million DH, against 243.78 million one year earlier. It also recorded a 2% increase in its net banking income (GNP) which stood at 637 million DH. This increase is the “direct consequence of the increase in receivables from customers, combined with the quality of the loan portfolio”, indicates the FEC in a press release. During the last year, loan disbursements amounted to just over 2.87 billion DH. “They enabled the financing of projects for the benefit of the various categories of local authorities and mainly concerned the implementation of projects for the upgrading of cities, the restructuring of under-equipped districts and road infrastructure, in particular those aimed at reducing territorial and social translations”, indicates the FEC.
These disbursements pushed customer receivables to 26.18 billion DH, i.e. just over 1 billion DH more than in 2020 (+4% over one year). The financial indebtedness reached more than 22 billion dirhams, with a preponderance of bond loans, which represents a share of 39%. In addition, the fund notes that the results of the operational tests in progress “demonstrated that the majority of projects financed by the FEC in 2021 are classified in categories D or C which group together projects presenting minimal or manageable risks”.