1. The legal framework for the SWF should be sound and support its effective operation and the achievement of its stated objective(s).
1.1. The legal framework for the SWF should ensure legal soundness of the SWF and its transactions.
1.2. The key features of the SWF’s legal basis and structure, as well as the legal relationship between the SWF and other state bodies, should be publicly disclosed.
Ithmar or “the Company” was established on 18 February 2011 to invest and facilitate co-investments with international SWFs and major investment funds in the Moroccan economy. Special focus was initially on tourism and infrastructure; the mandate was extended by its board of directors on 8 July 2015 to cover all other productive sectors of the economy (energy, industry, etc.).
The fund was originally named Fonds Marocain de Développement Touristique “FMDT”. To reflect the change to a multi-sectoral approach, the fund’s name was changed from FMDT to Ithmar Al Mawarid (“Ithmar”).
The legal framework of Ithmar is defined within the decree of its creation: “Décret n° 2-11-52 du 18 février 2011 – http://www.sgg.gov.ma/BO/bo_fr/2011/bo_5926_fr.pdf (P334 of the official bulletin) ” together with the applicable law in the Kingdom of Morocco related to public limited companies, namely, the “loi 17-95 relative aux sociétés anonymes”.
The change of name and the enlargement of the mandate are reflected in the Amendment Decree: Décret n°2-19-134 du 29 Février 2019 – also attached.
The legal framework is designed specifically to establish sound and effective operations for the fund and the achievement of its objectives.
The key features of Ithmar’s legal basis and structure, are disclosed, by law, under the website of the trade register of Rabat (see link http://www.tcrabat.ma/) and the relationship between Ithmar and the state bodies is stated within the abovementioned decree n° 2-11-52 which is publically disclosed in the Official newsletter of the Moroccan Government (see link http://www.sgg.gov.ma/). As such, the shareholders of the Company are as follows: Ministry of Finance representing the Moroccan Government 2/3 and Fonds Hassan II pour le Développement Economique et Social 1/3.
Details of the relationship of Ithmar and its shareholders/state bodies can also be found on: the governance section of Ithmar’s website (Governance – ithmar).