YMMY Finance Holding set to invest US$3.3bn in Niger for several projects

NIGERMorocco’s YMMY Finance Holding announced that it will invest US$3.3 billion (MAD 29.4 billion) in projects in Niger’s capital city of Niamey, reports Morocco World News.

The announcement follows the signing of a Memorandum of Understanding (MoU) between the Moroccan financier and the city of Niamey.

“There are six projects that will be carried out over 8 years and the majority fall under a Public-Private-Partnership (PPP) contract at a cost of US$3.3 billion,” said Chairman of the YMMY Finance Holding group, Ahmed Lotfi.

A PPP is an investment contract between a government entity and a private firm such as YMMY Finance Holding.

The investment will cover the development of an agro-food complex, a new city quarter designed to house nearly 40,000 residents, and a 1,000 hectare shopping center.

“There are six projects that will be carried out over 8 years.”

Ahmed Lotfi – Chairman, YMMY Finance Holding group

By investing in the agro-food complex, the Moroccan finance holding group will fund Niger’s meat cultivation industry by building a slaughterhouse, promoting the fattening of livestock, and expanding the capital’s poultry farming infrastructure.

In addition, the US$3.3 billion will be used to finance a smart city project along the banks of the Niger River, and will aim to equip the capital with approximately 20,000 street lights.

In March 2021, Morocco and Nigeria created the Nigeria-Morocco Business Council to bolster economic relations between the two countries.

“The Memorandum of Understanding was signed on Saturday between the two parties and it is the culmination of ‘two years of talks’ with the Moroccan group,” said the Mayor of Niamey, Oumarou Dogari, in a statement on the most recent investment in the capital city of Niamey.

Morocco has continued to develop its economic relationship with Niger as the two countries are the “two most important countries on the continent,” according to Morocco’s Africa Cultures and Developments Organization (OMA).

The kingdom has worked diligently to establish itself as a leading partner in the African Continental Free Trade Area (AfCFTA) by making substantial investments into its fellow African partner nations.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.