Government moves to salvage navigation company
Morocco, Business, 1/19/2002
The Moroccan government on Friday decided to pour 150 million dirhams, roughly $ 15 million us dollars, to rescue the Moroccan Navigation Company (COMANAV/state-owned), which has been prey to a serious financial crisis.
Under an accord signed between COMANAV and the State, the amount will be used to increase company's capital to 487 million dirhams.
COMANAV agreed to implementing a reform program whereby it will re-center its mission, reduce its fleet from 14 to 9 ships by 2005 and restructure its tasks.
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