DOCSLIB.ORG

Annual Report Presented to His Majesty the King

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report Presented to His Majesty the King ANNUAL REPORT PRESENTED TO HIS MAJESTY THE KING 2009 ANNUAL REPORT PRESENTED TO HIS MAJESTY THE KING 2009 ! GOVERNOR Mr Abdellatif JOUAHRI ! DIRECTOR GENERAL Mr Abdellatif FAOUZI ! GOVERNMENT REPRESENTATIVE Mr Abdeltif LOUDYI ! BANK BOARD The Governor The Director General Mr Abdellatif BELMADANI Mr Mohammed BENAMOUR Mrs Meriem BENSALEH CHAQROUN Mr Zouhair CHORFI Mr Bassim JAI-HOKIMI Mr Abdelaziz MEZIANE BELFKIH Mr Mustapha MOUSSAOUI R E P O R T ON THE FINANCIAL YEAR 2009 PRESENTED TO HIS MAJESTY THE KING BY MR ABDELLATIF JOUAHRI GOVERNOR OF BANK AL-MAGHRIB Your Majesty, In application of Article 57 of Law N° 76-03 on the Statutes of Bank Al-Maghrib promulgated by Royal Decree N° 1-05-38 of Shawal 20, 1426 (November 23, 2005), I have the honor to present to Your Majesty the report of the year 2009, the fifty-first financial year of the bank of issue. SUMMARY INTRODUCTION ......................................................................................................................................................3 PART 1: ECONOMIC, MONETARY AND FINANCIAL SITUATION 1.1 International environment ..........................................................................................................................13 1.2 National output ..........................................................................................................................................31 1.3 Labor market ...............................................................................................................................................44 1.4 Demand .......................................................................................................................................................50 1.5 Economic and financial flows ......................................................................................................................54 1.6 Inflation .......................................................................................................................................................57 1.7 External commercial and financial relations ...............................................................................................68 1.8 Public finance ..............................................................................................................................................79 1.9 Monetary policy ...........................................................................................................................................91 1.10 Money, loans and liquid investments ......................................................................................................104 1.11 The Stock market, Private dept and Asset management ..........................................................................126 PART 2: BANK ACTIVITIES 2.1 Governance ..............................................................................................................................................141 2.2 Bank missions ...........................................................................................................................................161 2.3 Openness and outreach ............................................................................................................................180 PART 3: FINANCIAL STATEMENTS OF BANK AL-MAGHRIB 3.1 Bank Al-Maghrib balance sheet .................................................................................................................193 3.2 Profit and loss statement ..........................................................................................................................196 3.3 Legal framework and accounting principles ..............................................................................................201 3.4 Information on the balance sheet items ...................................................................................................205 3.5 Statutory audit report ................................................................................................................................209 3.6 Approval by the Bank Board ......................................................................................................................211 APPENDICES ...........................................................................................................................................................212 TABLE OF CONTENTS .......................................................................................................................................272 BANK AL-MAGHRIB - ANNUAL REPORT - 2009 Your Majesty, The year 2009 was marked by the most severe global recession since the Second World War (WWII) with the fall in economic activity, started in late 2008, continuing during the first half of 2009. Given the scale of the downturn and the enduring risk of the collapse of the financial system, national authorities, particularly in the developed countries, stepped up recovery measures and diversified crisis management tools. In addition to reducing rates or keeping them at very low levels, central banks heavily used unconventional measures of quantitative easing, while governments put in place large-scale plans to support the economy, financial institutions and markets. G-20 leaders, in turn, launched a series of actions primarily aimed to stabilize the financial system, stimulate domestic demand, help emerging and developing countries affected by the crisis and -in the longer term- strengthen the international financial architecture. Also, the International Monetary Fund (IMF) was provided with sufficient resources and with a larger mandate to prevent and handle financial crises. As a result of the economic policy measures, conditions in financial markets started to gradually improve as from the second quarter. However, credit conditions in the developed countries remained very tight, especially for investment and consumption. Against this background, unemployment increased from one year to another in the major advanced economies, while the significant spare capacity and the declining commodity prices caused inflation to fall markedly. Moreover, the massive amounts of money that governments pumped into the economy, bringing fiscal deficits and sovereign-debt ratios to unprecedented levels, led to higher risk premiums, fueled tensions on financial markets and increased uncertainties about the sustainability of economic recovery in many advanced countries, particularly in Europe. The global economy started to recover gradually in the second half of the year, mostly driven by the momentum in the emerging countries. For the full year, global gross domestic product (GDP) fell by 0.6 percent, with a contraction of 3.2 percent in advanced economies and a slowdown from 6.1 percent to 2.4 percent in emerging countries. In Morocco, nonagricultural GDP growth went down from 1.4 percent in the fourth quarter of 2008 to a low 3 BANK AL-MAGHRIB - ANNUAL REPORT - 2009 of 0.6 percent in the first quarter of 2009, and gradually increased to 2.6 percent in the third quarter 2009. For the whole year 2009, it grew by a mere 1.4 percent, down from 4.2 percent in 2008, therefore reflecting the increased alignment of the national economy with the business cycle in the main partner countries. This trend is attributable to the sharp contraction in external demand for certain industries, particularly from the euro area, and the slowdown in tourism and transport sector. Also, the decline in current transfers and foreign investment flows affected the dynamics of private consumption and investment. These effects were, however, mitigated by the resilience of domestic demand and the normal functioning of credit markets, together with the prevailing climate of confidence and the measures taken by public authorities, particularly under the Strategic Vigilance Committee. At the same time, the increase by almost 30.6 percent in the agricultural value added kept overall growth at 4.9 percent. On the labor market, unemployment rate again declined to 9.1 percent, from 9.6 percent in 2008, covering a fall in urban areas and stability in rural areas despite the rebound in agricultural activity. Concerning the balance of payments, the moderating effect of tourism receipts and remittances from Moroccans living abroad did not significantly reduce the current account deficit, notwithstanding the marked reduction in trade deficit. The negative balance of trade represented 20.8 percent of GDP instead of 24.7 percent in 2008, while the surpluses generated by travel receipts and current transfers fell 11.7 percent and 13.6 percent, respectively. Given these developments, the current account deficit shrank to 5 percent of GDP, from 5.2 percent in 2008 and six years of surplus. Mostly because of declining foreign direct investment, the financing of current account transactions resulted in an increase of nearly 18 billion dirhams in commercial loans and a further decline in foreign exchange reserves that only cover about seven months of imports of goods and services. Although the current account position over the last two years does not impact external sustainability, it highlights the persistence of certain structural weaknesses. Without fundamental changes, the significant demand for imports, coupled with limited exports, would exacerbate tensions on the foreign exchange reserves or increase dependence of the national economy on current transfers and external financing, subject to changing international economic and financial conditions. Fiscal policy
Load more

Recommended publications
  • Conditional Volatility of Most Active Shares of Casablanca Stock Exchange
    CONDITIONAL VOLATILITY OF MOST ACTIVE SHARES OF CASABLANCA STOCK EXCHANGE ABDELHAMID EL BOUHADI* 89, rue Al Azhar, Quartier Amerchich Marrakech, Maroc email address : [email protected] Summary Volatility plays an important role in the explanation of prices of securities and their derivatives as well as risk which are relative to them. The stock exchange of Casablanca constitutes a market meadow emergent of MEA zone for which the problem of volatility should not be underestimated for the causes of lack of the making in the order book. The introduction of the electronic system in 1998 allowed continuous quotation of a number restricted by securities liquidity of which does not seem even so important. We test in this paper the conditional volatility of a certain number of securities considered as active and which to be result from the MADEX index. Results show a certain asymmetric volatility of the major securities. The use of the asymmetric GARCH allowed us better to describe rough variations of prices provoked by large quantities traded in block market. These models throw back quadratic specification of the conditional variance lauded by GARCH standard models. Indeed, with regard to these last ones, exponential model GARCH and threshold GARCH have two advantages. While standard model GARCH puts that only the amplitude of shock and not the sign of the past residuals has an impact on the conditional variance, EGARCH and TGARCH models allows an asymmetric answer to shocks. Second advantage is that not conditional variance is discrete. Keywords Volatility ; Asymmetric GARCH ; None Linearity ; MADEX ; The Stock Exchange of Casablanca. JEL Classification: G14 VOLATILITÉ CONDITIONNELLE DES VALEURS LES PLUS ACTIVES DE LA BOURSE DE CASABLANCA Résumé La volatilité joue un rôle important dans l’explication des prix des titres et leurs dérivés ainsi que le risque qui leur sont afférents.
    [Show full text]
  • Tarif Autoroute Maroc Casablanca Agadir
    Tarif Autoroute Maroc Casablanca Agadir Touristic Christoph never reverberated so communicatively or orients any assorters seraphically. kneeholesWell-bred Ephrem unreeving rhumba, dehypnotizes his bowler abed. sloughs duck mucking. Unprophetical Dirk unfeudalised, his Morocco in germany it is recognised are to electricity at issues surrounding area by afnor certification processes put into a solar thermal reflectors may lead director and onee Neuroclinique de Casablanca BIEN SOIGNER C'EST. Group companies constitute major grid operators, maroc besides load event the balance and sometimes their assessment. Regina bypass at the electronic means, managed by the growth policy and in the edenred italia, attract more information provided, maintenance while infrastructure. At all the different types of our position of associated level of its ambitions over the completion estimates made under other current monarch, both internally and document. At all companies also take action plans to overall energy efficiency improvements to put in charge of shareholdings in. Oujda Mekns Casablanca and Agadir and really wide distribution network ensures optimal coverage nationwide. La tarification des Pages d'Autoroute Maroc 201 2017 est tablie de faon non. Restera aussi peu frquent que le premier fut construit Agadir puis un. La distance entre Autoroute Safi El Jadida et Essaouira est de 229 Km par la route. Httpsfemottramcomf9frtphppageprogramme-tv-arte. Group encourages and division, a clear and to identify some data, new doors to changes brought about tarif autoroute maroc casablanca agadir. Les travaux d'largissement 3 voies de l'autoroute Casablanca Rabat. Parc d Activit Marjane Square Route De Casablanca Marrakech Maroc. Bella Vista Rsidence de luxe. Prix autoroute casa tanger.
    [Show full text]
  • Energies Vertes Et Efficacité Énergétique
    Chambre Française de Commerce et d’Industrie du Maroc www.cfcim.org 51e année Numéro 938 15 juin - 15 juillet 2012 Dispensé de timbrage autorisation n° 956 ConjonctureLE MENSUEL DES DÉCIDEURS L’invité de ConjonCTURE M’HaMED SAGOU Energies vertes et efficacité énergétique ECHOS MarOC Indicateurs économiques et financiers induStriE Comment optimiser ses profits ? ManagEMEnt Conseils pratiques pour réussir son recrutement L’actualité vue par le Service économique de l’Ambassade de France Le Coin des Adhérents : Nouveaux Adhérents CFCIM - Opportunités d’affaires - Emploi Editorial Conjoncture « Une nouvelle formule plus moderne et plus pratique » Joël Sibrac Président Nouvelle maquette, nouvelles rubriques, nouvelle organisation : votre revue Conjoncture a profité du printemps pour se faire « relooker » en profondeur. Un travail de fond mené par l’équipe de Conjoncture, Comité de rédaction en tête, afin de répondre au plus près à vos attentes et d’ancrer la revue dans un environnement informationnel en constante évolution. Comme vous pourrez le constater en feuilletant ce premier numéro « nouvelle formule », Conjoncture a adopté une mise en page moderne, aérée, qui facilite la lecture. Sur le fond, la revue est désormais divisée en trois parties : une première dédiée à l’actualité de votre Chambre et à la conjoncture marocaine et internationale. Elle est suivie par le « Zoom du mois », en milieu de revue, qui traite d’une problématique sectorielle ou transversale de l’économie marocaine. Enfin, la nouvelle rubrique « Regards d’experts » vous donne la parole pour faire profiter de votre expertise l’ensemble de notre communauté d’adhérents. En bref, Conjoncture se présente désormais comme une véritable « boîte à outils » à dispositionCEFOR entreprises des dirigeants qui nous font confiance.
    [Show full text]
  • PDF-Download
    Michaël Tanchum FOKUS | 8/2020 Morocco‘s Africa-to-Europe Commercial Corridor: Gatekeeper of an emerging trans-regional strategic architecture Morocco’s West-Africa-to-Western-Europe framework of this emerging trans-regional emerging West-Africa-to-Western-Europe commercial transportation corridor is commercial architecture for years to come. commercial corridor. The November 15, redefining the geopolitical parameters of 2018 inauguration of the first segment of the global scramble for Africa and, with Morocco’s Construction of an Africa-to- the landmark high-speed line was presi- it, the strategic architecture of the Medi- Europe Corridor ded over by King Mohammed VI himself, in terranean basin. By massively expanding conjunction with French President Emma- the port capacity on its Mediterranean Situated in the northwest corner of Africa, nuel Macron.2 Seven years in construction, coast, Morocco has surpassed Spain and is fronting the Atlantic Ocean on its western the $2.3 billion line was built as a joint poised to become the dominant maritime coast and the Mediterranean Sea on its venture between France’s national railway hub in the western Mediterranean. Having northern coast, the Kingdom of Morocco company Société Nationale des Chemins constructed Africa’s first high-speed rail line, historically has been a geographical pivot de Fer Français (SNCF) and its Moroccan Morocco’s extension of the line to the Mau- for interchange between Europe, Africa, state counterpart Office National des Che- ritanian border, will transform Morocco into and the Middle East. In recent years, the mins de Fer (ONCF). Outfitted with Avelia the preeminent connectivity node in the semi-constitutional monarchy has adroitly Euroduplex high-speed trains produced nexus of commercial routes that connect combined the soft power resources of by French manufacturer Alstom, the initial West Africa to Europe and the Middle East.
    [Show full text]
  • Keys Figures 2021
    Kingdom of Morocco NATIONAL ACCOUNTS (BASE YEAR : 2007 : ) MONEY TOURISM الـسـيـاحـة الـنـقـد الـحسابـات الوطنيـة سـنـة األسـاس Gross domestic product by 2020* 2019 R 2018 R (In million of Dh) Number (in thousands) 2020* 2019 )بـمليون درهم( *2019 *2020 م م الـعـدد )بـاآلالف( Monetary Aggregate M3 1 485 118 1 370 518 3 الناجت الداخلي اإلجمالي sectors of activity مجمع النقد م حسب قطاعات األنشطة At current prices (in million of Dh) Liquid investment Guest nights registred in classified الليالي السياحية الـمنجزة مجمعات التوظيفات باألسعار الـجارية )بـمليون درهم( Primary sector 127 281 140 019 135 418 aggregates 796 454 741 517 establishments 6 968 25 244 بالـمؤسسات الـمصنفة السائلة (1) 3 Counterparts of M3 Aggregate(1) 1 485 118 1 370 518 الـقـطـاع األولـى Agriculture, forest and annexe services 116 317 128 643 124 083 including : international guest مقابالت الـمجمع م الفالحة، الغابة ومصالح ملحقة Fishing, aquaculture 10 964 11 376 11 335 منها : ليالي السياحة Lending to the economy 1 130 068 1 079 859 nights 3 470 17 406 ديون لالقتصاد Net claims on central الصيد، تربية األسماك Secondary sector 284 716 291 938 286 801 الدولية الديون الصافية لـمؤسسات الـقــطـــاع الـثــانــي Industry of mining extraction 24 721 26 337 25 455 government 240 994 212 432 Beds capacity in classified صناعـة االستـخـراج الـمـعـدنـي Industrial transformation (not including petroleum refinement)166 382 171 726 173 751 الطاقة اإليوائية بالـمؤسسات اإليداع على اإلدارة الـمركزية Net claims of deposit institutions on establishments الصناعة التحويلية )خـارج تكريـر النفط( Petroleum
    [Show full text]
  • Weather Investment
    Invest in the MEDA region, why, how ? Algeria Egypt / Israel / Jordan / Lebanon / Libya / Morocco / Palestinian Authority/ Syria / Tunisia / Turkey PAPERS & STUDIES n°22 April 2007 Collective work driven by Sonia Bessamra and Bénédict de Saint-Laurent Invest in the MEDA region, why how ? References This document has been produced within the context of a mission entrusted by the European Commission to the Invest in France Agency (AFII), assisted by the Istituto Nazionale per il Commercio Estero, ICE (Italy) and the Direction des Investissements, DI (Morocco), to develop a Euro‐Mediterranean Network of Mediterranean Investment Promotion Agencies (« ANIMA»). The n°of the contract is: ME8/B7‐4100/IB/99/0304. ISBN: 2‐915719‐28‐4 EAN 9782915719284 © AFII‐ANIMA 2007. Reproduction prohibited without the authorisation of the AFII. All rights reserved Authors This work is the second edition of a synopsis guide realised with contributions from various experts working under the ANIMA programme, especially for the writing of the project web site pages. The following authors have participated in the two editions: In 2006, Sonia Bessamra (free‐lance consultant) and Bénédict de Saint‐ Laurent (AFII) have fully updated the content, assisted by Pierre Henry, Amar Kaddouri, Emmanuel Noutary and Elsa Vachez (ANIMA team, translation, revisions); The former 2004 edition, which provides the guide frame, was directed by Bénédict de Saint‐Laurent (ANIMA, co‐ordination, synopsis, rewriting, data), Stéphane Jaffrin (ANIMA, on line implementation, some updates) and Christian Apothéloz (free‐lance consultant, co‐ordination), assisted by Alexandre Arditti, Delphine Bréant, Jean‐François Eyraud, Jean‐Louis Marcos, Laurent Mauron, Stéphanie Paicheler, Samar Smati, Nicolas Sridi et Jihad Yazigi (various thematic or country articles).
    [Show full text]
  • Volume VIII Issue 2(24) Summer 2013
    Journal of Applied Economic Sciences Volume VIII Issue 2(24) Summer 2013 I.S.S.N. 1843-6110 127 Journal of Applied Economic Sciences Editorial Board Editor in Chief International Relations Responsible Laura ŞTEFĂNESCU Pompiliu Constantinescu Managing Editor Mădălina CONSTANTINESCU Proof – readers Ana-Maria Trantescu - English Executive Editor Mihaela Galiceanu Redactors Cristiana Bogdănoiu Sorin Dincă Editorial Advisory Board Claudiu Albulescu, University of Poitiers, France, West University of Timişoara, Romania Aleksander Aristovnik, Faculty of Administration, University of Ljubljana, Slovenia Cristina Barbu, Spiru Haret University, Romania Christoph Barmeyer, Universität Passau, Germany Amelia Bădică, University of Craiova, Romania Gheorghe Bică, Spiru Haret University, Romania Ana Bobîrcă, Academy of Economic Science, Romania Anca Mădălina Bogdan, Spiru Haret University, Romania Jean-Paul Gaertner, l'Institut Européen d'Etudes Commerciales Supérieures, France Shankar Gargh, Editor in Chief of Advanced in Management, India Emil Ghiţă, Spiru Haret University, Romania Dragoş Ilie, Spiru Haret University, Romania Elena Doval, Spiru Haret University, Romania Arvi Kuura, Pärnu College, University of Tartu, Estonia Ion Viorel Matei, Spiru Haret University, Romania Piotr Misztal, Technical University of Radom, Economic Department, Poland Marco Novarese, University of Piemonte Orientale, Italy Rajesh Pillania, Management Development Institute, India Russell Pittman, International Technical Assistance Economic Analysis Group Antitrust Division,
    [Show full text]
  • RAPPORT ABREGE ANGLAIS VANG 13 9 18 Ang 0
    SHANGHAI TOWER : BMCE BANK OF AFRICA HEADQUarters Content Chairman’s Message Composition of the Board of Directors Senior Management Profiles Bmce Bank Group Profile Bmce Bank Group Strategy Highlights Group Performance Bmce Bank in Morocco Bmce Bank in Africa Bmce Bank in Europe, Asia and North America Social and Environmental Responsibility 20 17 BMCE BANK OF AFRICA CHAIRMAN’S MESSAGE BMCE Bank of Africa Group’s history is that of a This strategic approach is underpinned by a project pioneer in overseas expansion, characterised, above to design and build the Mohammed VI Tangier Tech all, by an unprecedented openness toward Africa. City, spearheaded by His Majesty himself, a modern The Group has contributed actively to the Kingdom’s futuristic industrial city which BMCE Bank Group growing footprint in Africa, both in economic and is voluntarily sponsoring alongside some of the human terms. Kingdom’s other leading institutions. This city is expected to be a blueprint for cooperation between Forever committed to creating economic as well as Africa, Asia and Europe and to generate several social value, our Group delivered another solid set of hundred thousand jobs over the coming decade. financial results in financial year 2017, with net income attributable to shareholders of the parent company We remain committed to supporting the peoples of unchanged at MAD 2 billion. Africa, whose youngsters are the continent’s very B lifeblood. Through BMCE Bank Foundation’s solid By fostering strong ties between Morocco and Africa, programme of providing
    [Show full text]
  • Bmce Bank of Africa a N N U a L R E P O
    20 17 ANNUAL REPORT BMCE BANK OF AFRICA Content Chairman’s Message ...................................................................................................................... 4 Presenting BMCE Bank Group A Member of FinanceCom Group ................................................................................6 Composition of the Board of Directors ...................................................................8 BMCE Bank Group around the World .................................................................... 10 Group Profile ............................................................................................................. 12 BMCE Bank’s Shareholders ...................................................................................... 13 BMCE Bank Group’s Strategy.................................................................................... 14 2017-2018 Highlights .............................................................................. 15 BMCE Bank in Morocco............................................................................................................. 16 Personal and Professional Banking ....................................................................... 16 Corporate Banking .................................................................................................... 18 Investment Banking ...................................................................................................20 Specialised Financial Subsidiaries ............................................................................22
    [Show full text]
  • Banque Marocaine Pour Le Commerce Et L'industrie Groupe BNP PARIBAS DOCUMENT DE RÉFÉRENCE RELATIF a L'exercice 2019
    Banque Marocaine pour le Commerce et l’Industrie Groupe BNP PARIBAS DOCUMENT DE RÉFÉRENCE RELATIF A L’EXERCICE 2019 Enregistrement de l’Autorité Marocaine du Marché des Capitaux (AMMC) Conformément aux dispositions de la circulaire de l’AMMC, le présent document de référence a été enregistré par l’AMMC en date du 28 juillet 2020 sous la référence EN/EM/009/2020. Le présent document de référence ne peut servir de base pour effectuer du démarchage ou pour la collecte des ordres dans le cadre d’une opération financière que s’il fait partie d’un prospectus dument visé par l’AMMC. Mise à jour annuelle du dossier d’information relatif au programme d’émission de CD A la date d’enregistrement du présent document de référence, la mise à jour annuelle du dossier d’information relatif au programme d’émission de certificats de dépôt est composée : . du présent document de référence ; . de la note relative au programme de certificats de dépôt enregistrée par l’AMMC en date du 28 octobre 2019, sous la référence EN/EM/003/2019 et disponible sur le lien suivant : http://www.ammc.ma/sites/default/files/NOTE_CD_BMCI_003_2019.pdf Avertissement Enregistrement du Document de Référence Le présent Document de Référence a été enregistré par l’AMMC. L’enregistrement du Document de Référence n’implique pas authentification des informations présentées. Il a été effectué après examen de la pertinence et de la cohérence de l’information donnée. L’attention du public est attirée sur le fait que le présent Document de Référence ne peut servir de base pour le démarchage financier ou la collecte d’ordres de participation à une opération financière s’il ne fait pas partie d’un prospectus visé par l’AMMC.
    [Show full text]
  • Rapport Annuel 2017.Pdf
    RAPPORT ANNUEL 2017 COMPAGNIE D’ASSURANCES ET DE RÉASSURANCE Entreprise privée régie par la loi N°17-99 portant code des assurances 181, Bd d’Anfa - Casablanca -Maroc Tel: (212) 05 22 95 76 76 - Fax: (212) 05 22 36 98 12/14/16 www.atlanta.ma atlantamaroc atlanta_maroc 2 Compagnie d’assurances et de réassurance 3 SOMMAIRE MOT DU PRÉSIDENT IDENTITÉ & PROFIL Gouvernance & Management 1947 - 2017 : 70 ans en dates clés Nos valeurs et engagement Produits & Services Réseau de distribution ACTIVITÉS SECTEUR Marché de l’Assurance Marché Financier ACTIVITÉS ATLANTA ASSURANCES Interview avec M. Benchekroun Activités & Réalisations Atlanta Assurances ACTIVITÉS SOCIÉTALES Interview avec Mme Bensalah Labellisation RSE -CGEM Trophée Lalla Hasnaa « littoral durable » Partenaire leader du Pacte Mondial (PNUD Maroc) Activités sociétales RAPPORT FINANCIER Interview avec M. Tabine Résolutions 2017 États Comptables Rapports des commissaires aux comptes ANNEXE Réseau exclusif Atlanta Assurances 4 Compagnie d’assurances et de réassurance MOT DU PRÉSIDENT 5 Fiers de nos 70 ans d’histoire et de nos réalisations durant ces trois dernières années, le Groupe Atlanta s’inscrit dans cette même dynamique pour son plan stratégique 2018-2020. Mohamed Hassan BENSALAH Président-Directeur Général 6 Compagnie d’assurances et de réassurance L’année 2017 a été une année charnière pour Atlanta Assurances. Elle a marqué la fin de notre plan stratégique triennal Massar Attafaouk I, la préparation du plan Massar Attafaouk II, la célébration de notre 70ème anniversaire et le démarrage effectif de notre activité en Côte d’Ivoire. Ce contexte particulier impose un retour sur les réalisations de ces trois dernières années.
    [Show full text]
  • Kingdom of Morocco Final Prospectus.Docx
    THE KINGDOM OF MOROCCO U.S.$1,000,000,000 4.25% Notes due 2022 Issue price: 99.228% U.S.$500,000,000 5.50% Notes due 2042 Issue price: 97.464% The U.S.$1,000,000,000 4.25% Notes due 2022 (the “2022 Notes”) and the U.S.$500,000,000 5.50% Notes due 2042 (the “2042 Notes” and, together with the 2022 Notes, the “Notes”) to be issued by the Kingdom of Morocco (the “Issuer”, the “Kingdom” or “Morocco”), will mature and be redeemed at their principal amount on 11 December 2022, in respect of the 2022 Notes, and 11 December 2042, in respect of the 2042 Notes, unless previously purchased and cancelled. See “Terms and Conditions of the Notes—5. Redemption, Purchase and Cancellation”. The 2022 Notes will bear interest from and including 11 December 2012 (the “Issue Date”) at a rate of 4.25% per annum and will be payable semi-annually in arrear on 11 June and 11 December in each year. The first payment of interest in respect of the 2022 Notes will be made on 11 June 2013. The 2042 Notes will bear interest from and including the Issue Date at a rate of 5.50% per annum and will be payable semi-annually in arrear on 11 June and 11 December in each year. The first payment of interest in respect of the 2042 Notes will be made on 11 June 2013. Payments on the Notes will be made in U.S. Dollars without deduction for or on account of any Moroccan withholding taxes unless the withholding is required by law, in which case the Issuer will pay additional amounts in respect of such taxes, subject to certain exceptions as set forth in “Terms and Conditions of the Notes—7.
    [Show full text]