profit up 3% in 2022

The Municipal Equipment Fund achieved net banking income of 661 million DH, up 4%, and a net result of 338 million DH, up 3% in 2022 compared to 2021. Operationally, the Fund maintained levels of financing for local authorities comparable to those of 2021, with commitments of 2.7 billion DH and loan disbursements of more than 2.9 billion DH at the end of December.

Good vintage for the Municipal equipment fund (FEC) in 2022. At the end of the exercise carried out, it achieved a Net banking income (GNP) of 661 million DH, an increase of 4%. A performance which is explained by the increase in particular of receivables from customers, which reached more than 26,849 billion dirhams against 26,183 billion a year earlier. Over the period, the net result stands at 338 million dirhams, up 3% compared to 2021, “reflecting the positive evolution of the NBI, as well as the continued control of general operating expenses”, indicates the FEC in a financial communication. It also shows that the debt has widened by 6.72% from 22.146 billion DH to 23.635 billion in 2022.

Operationally, the organization has maintained funding levels for the benefit of local authorities comparable to those of 2021. It recorded commitments of 2.7 billion DH and loan disbursements of more than 2.9 billion DH at the end of December. In addition, “the year 2022 was characterized by an exceptional level of loan allocations which amounted to nearly 5 billion DH, which are partly in the process of being contractualized and which relate to the financing of 69 projects”, note the fund. These are competitions relating, among other things, to the financing of major climate adaptation projects which are distinguished by the importance of their investment volumes and which are part of the policy of major infrastructure projects.

In another register, the results of the environmental and social rating (E&S) proposed that the controlled level of E&S risks of projects, subject to FEC financing, assessed over the past year, almost all of which correspond to projects classified in categories D or C, which include projects presenting minimal and easily controllable risks. Overall, “the main operational and financial indicators recorded by the FEC in 2022 testify to the resilience of the Institution in the face of the prevailing national and international economic context”, finds the FEC.