摩洛哥主权基金寻求投资者解决气候变化

As millions took to the streets throughout North Africa during the Arab Spring of 2011, the Kingdom of Morocco, untouched but not unshaken, devised a plan to revamp the country’s infrastructure and promote tourism. That year the government launched the $1.8 billion Moroccan Fund for Tourism Development. It also asked for help from a who’s who of Gulf sovereign wealth funds — the Kuwait Investment Authority, Abu Dhabi’s International Petroleum Investment Co., Saudi Arabia’s Public Investment Fund, and the Qatar Investment Authority — with combined assets estimated to top $1 trillion.

该团伙在合资风险商业资本的合资资本上降低了€25亿欧元（26亿美元），每个都踢了5亿欧元。由于部署了大约一半的开发项目资产，包括升级卡萨布兰卡港口。

“We believe this size of collaborative co-investment between institutional investors is taking off in a big way,” says Tarik Senhaji, CEO of the Moroccan tourism development fund, which in 2016 rebranded as验证资本并扩大其投资范围，包括所有经济的生产部门。

在这个月的联合国气候变化峰会在马拉喀什，摩洛哥，Senhaji与世界银行集团推出了新的伙伴关系，推出了绿色投资基金。为非洲（GGIF）被称为绿色增长基础设施，这辆车将跨越非洲大陆。

“With the GGIF structure we are going to push the boundaries to have collaborative co-investment at different dimensions,” Senhaji says, referrring to alliances with public and private entities at various stages of the investment process.

Morocco’s deep-pocketed allies let Ithmar punch above its weight with the Wessal venture. Through the GGIF, Senhaji hopes again to stand on the shoulders of giants. Ithmar is reaching out to its old partners in the Gulf as well as trying to attract private investors.

“我们认为，由于我们的组织结构的质量，我们认为国际主权财富基金将被吸引，”Senhaji说。“与战略非洲投资者在采购机会上进行合作将是一个大的加号。”

The news received a ringing endorsement in a letter from theInternational Forum of Sovereign Wealth Funds (IFSWF)，牵头工业组，也将验证作为成员。

“我很高兴看到拟议的协议tween the World Bank and the signatories with respect to the creation of the Green Growth Infrastructure Facility,” Adrian Orr, CEO of the New Zealand Superannuation Fund, wrote as chair of the IFSWF. “Sovereign wealth funds are natural investors in infrastructure projects on account of their long investment horizon, sovereign status, and relatively little need for portfolio liquidity.”

当本月早些时候在奥克兰举办了229亿美元的施华基金，议程将气候变化高。长期投资者世界一直在努力在他们的投资组合中杂草的环境风险。

“Sovereign wealth funds — having a long-duration portfolio — have to look at this,” Senhaji asserts. “A number of funds already have, but now we are seeing a more systematic approach from everybody.”

摩洛哥政府于2011年创造了竞争力，以吸引其边界内的机构资本。“传统上，人们认为主权财富基金来自超出资金和石油收入，”Senhaji说，自从开始以来一直在掌舵。“我们的原始想法回来，我们在铅笔和纸上的一个小图中，如果我们创造了50％的私募股权GP和50％的主权财富基金，那可能是有趣的。”

由于计划在10亿美元到20亿美元之间，GGIF旨在成为非洲大陆的最大的这些基金之一，伊斯兰·森海吉向全球各地的机构和私人投资者报告了广泛的利益。

“直到他们在虚线上签名之前没有完成，但我们感到舒服，”他说。“基础设施现在非常受欢迎。”该基金将从太阳能电池板上覆盖绿色基础设施，以风电场，主要集中在早期的企业。

可再生能源项目准备投资摩洛哥总额约为250亿美元，据Beya Capital.，基于卡萨布兰卡的咨询和投资公司于2011年创造，以促进对非洲的绿色能源基础设施的投资。

“需求是巨大的，但我看到1000亿美元是未来24个月在非洲投资的1000亿美元，”Bustapha Mokass，Beya的创始人和首席执行官。

虽然来自主权财富基金的需求存在，但投资非洲是障碍的障碍。“关键问题是交易流程并具有良好的项目，”莫卡斯说。“比其他任何东西都多，他们正在等待良好的项目。”

BEYA works with project developers and global donors to lay the groundwork for institutional investment. At the recent U.N. summit the firm announced the launch of a $500 million fund for climate change adaptation financing called the Marrakech Investment Committee for Adaptation Fund.

Geopolitical and macroeconomic factors from country to country are key determinants of the return potential for these sorts of projects. Morocco and South Africa sit on the lower end of the region’s risk-reward spectrum, according to Ithmar’s Senhaji, who also points to interesting opportunities in Côte d’Ivoire, Senegal, and Tanzania. He hasn’t given up on Nigeria, despite commodity prices’ nose-dive and the economy’s death spiral, which put the nation in the high-risk camp.

“这是一个有挑战性的市场，”Senhaji笔记。“但如果你得到当地的合作伙伴，那就是一个你可以找到非常好的回报的地方。”

解决气候变化在摩洛哥名单上排名高，但也许更高的是对非洲联盟获得重新进入。摩洛哥于1984年离开了外交组织，持续了一个关于西撒哈拉的持续主权纠纷。

“在穆罕默德六世国王陛下的领导下，非洲已成为摩洛哥的”战略优先权“，”米尔在宣布GGIF的新闻稿中表示。“王国依靠其不断增长的经济和欧洲的邻近，致力于成为一个竞争激烈的非洲枢纽。”

穆罕默德国王一直在游说恢复本组织的良好困境，希望他的国家早在今年夏天就可以重新进入。这将是贸易和跨境投资的福音。“对于我们在验证资本中，在未来几年内，它肯定会导致大幅度创造，”Senhaji说Au会员。

Patrick Schena, co-head of the Fletcher Network for Sovereign Wealth and Global Capital at Tufts University, is watching Ithmar’s first pan-African venture: “Given the institutional interest in infrastructure and the increasing focus on green investment themes, it will be interesting to see whom, among both private and even sovereign investors, Ithmar and the World Bank attract to the fund,” he says.