Tanger Med Special Agency to set up Fnideq, a new free zone
Tanger Med, Morocco (PortSEurope) June 30, 2020 – Tanger Med Special Agency (TMSA), manager of Tanger Med Port, is to establish Zone d’Activité Economique de Fnideq (Zone of Economic Activity of Fnideq) with an initial investment of MAD 1 million. The land was provided by the state and the project will cost around MaD 200 million for planning and construction. Over a period of three
years, finance will be provided by the Ministry of the Interior ($7.22 million), the Ministry of Industry ($4.13 million), the Tangier-Tetouan-Al Hoceima Region Council ($8.25 million) and the Agency for the Promotion and Development of the North ($1.03 million). The project is being designed to create a new economic dynamic in the region under the M’diq-Fnideq prefecture and the Tangier-Tetouan-Al Hoceima region, through setting up a platform that can attract economic activities with high added value. Morocco has permanently closed the crossing points of the Spanish enclaves of Sebta and Melilla in Autumn last year to stop smuggling through these crossings. The losses incurred by smuggling at the Sebta crossing point alone were estimated at €730 million. The new free zone is an alternative source of jobs and economic activity. Copyright (C) PortSEurope. All Rights Reserved. 2020.
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