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Joint-stock company (société anonyme) with an initial share capital of MAD 15
billion (c. 1.5 billion US dollars), fully owned by the State, governed by law
n°76-20 of 31 December 2020 and decree 2.21.67 of 19 February 2021.


The Fund is a Moroccan “société anonyme” company with a Board of Directors and two specialized committees: (i) Audit Committee and (ii) Strategy and Investment Committee

The Fund’s Board of Directors is composed of the Minister of Finance (Chairman), six (6) ministerial departments’ representatives and four (4) independent members

The Board of Directors defines the general orientations of the Fund and carries out the appropriate controls

The Strategy and Investment Committee is fundamental to the governance of the Fund, especially in terms of investment and divestment policy

The Audit Committee monitors, among others, the areas of financial reporting, internal control, statutory audit of the annual accounts and independence of the statutory auditors