The net result of the Municipal Equipment Fund (FEC) for the year 2021 amounted to 328 million dirhams (MDH), up 35% compared to 2020.
This increase reflects the positive development of net banking income (NBI), as well as a relatively low level of allocations to provisions for bad debts, explains the FEC in a press release on its 2021 annual results.
And note that the net result for the 2020 financial year was marked by the recognition of the FEC contribution of 100 MDH for the benefit of the special fund for the management of the coronavirus pandemic (Covid-19).
NBI amounted to 637 MDH at the end of 2021, up 2% compared to a year earlier, as a result of the increase in receivables from customers, combined with the quality of the loan portfolio.
Loan disbursements amounted to 2.878 billion dirhams (MMDH) and allowed the financing of projects for the benefit of the different categories of local authorities, notes the same source, noting that this financing mainly focused on the implementation of development projects. level of cities, restructuring of under-equipped neighborhoods and road infrastructure, in particular those aimed at reducing territorial and social disparities.
Through these new financings, receivables from customers reached 26.186 billion dirhams at the end of 2021, up by nearly 1 billion dirhams compared to the level recorded during the 2020 financial year.
In addition, the press release recalls that the last two quarters of 2021 were particularly marked both by the economic slowdown observed during the electoral periods and by and, to a lesser extent, the persistence of the effects of the pandemic context, which has resulted in activity of less intensity than that which usually prevails in a normative cycle, not impacted by the effects of this particular context.