(MENAFN - Morocco Business News) Morocco's football will benefit from an annual financial support of MAD 250 million provided by the country's most important state-owned companies.
Under king's instructions, the central bank, Bank Al Maghrib (BAM), the Deposits and Management Fund (CDG) and the Phosphates Cherifian Office (OCP) will each provide the Moroccan Royal Football Federation (FRMF) with MAD 75 million every year.
For its part, the Hassan II fund for Economic and Social Development will grant the federation an annual financial assistance of MAD 25 million, said a press release of the FRMF.
These funds, which aim at promoting and raising the standard of football in the country, will benefit the national team and clubs alike.
This assistance, however, should be transparently managed, emphasised the release, adding that it should result in a deep restructuring of management methods, training and preparation of national teams.
This aid comes after the shabby performance of the country's national team which have compromised their chances to make it to the most prestigious football tournament, the World Cup, which will be organised next year in South Africa.
The situation exacerbated when the national team were unable to defeat Togo in Rabat. They are now in the third position with only 2 points out of three matches.
The country's football federation is currently considering sacking the current national team manager, French Roger Lemerre, as most Moroccan fans are demanding former coach Baddou Zaki.
In fact, football figures among Morocco's priorities. Last year, the king decided to establish the Mohammed VI Football Academy, which is expected to produce highly qualified football players.
At a global cost of MAD 140 million (about USD 19 million), the Mohammed VI Football Academy will take charge of children aged between 12 and 18 and train them according to a schedule combining studies and sports.
Also supported by the country's biggest companies, such as Maroc Telecom, BMCE Bank, ONA and Addoha, the institution will be composed of 30 double rooms, 4 single rooms, two dormitories, entertainment spaces (TV, internet, etc.), a cafeteria and a restaurant. It will also contain ten classrooms, medical and exercise facilities and five stadiums.