Maroc Telecom will receive a 10 billion Moroccan dirhams (US$1.2 billion) investment through the fourth agreement signed with the Moroccan Government.
This investment will serve upgrades and expansion of the country’s broadband network infrastructure, including fibre network deployment. Maroc, which is Morocco’s largest telecoms company is 53 percent owned by French conglomerate Vivendi SA and 30 percent owned by the Moroccan government.
The Moroccan government said the investment would be made between the 2013 and 2015 financial years and will create 500 jobs.
Another investment includes four billion dirhams (US$477 million) into the African countries of Burkina Faso, Gabon, Mauritania and Mali where the company operates and will be implemented during the same financial period as in Morocco.
In a statement to the French securities exchange, Maroc Telecom said it has previously invested 25 billion dirhams (US$3 billion) in Morocco.
Abdeslam Ahizoune, Maroc’s head, believes the company will experience a turning point through the large investment, which will enable Maroc Telecom to deal with the challenge of change with regards to technology and other related services.
HumanIPO reported earlier today (January 18) that the United Arab Emirates based telecoms company, Etisalat, is considering purchasing the 53 percent stake owned by Vivendi.