Morocco's bank affiliate picked as financial consultant for Dakar port's bond issue
Morocco-Senegal, Business, 6/10/2004

"BMCE Capital," an affiliate of Moroccan bank "BMCE Bank" was selected to serve as financial consultant for Dakar port's bond issue worth 30 billion CFA francs (50 million Euros), the most important financial operation on the sub-regional market.

The port governing board accepted the bonds issue formula put up by "BMCE Capital" for the extension of the container terminal and the building of a dispatching platform. It also selected the Moroccan company, among several others, to serve as a financial consultant for the project.

CEO of BMCE Capital in Dakar explained that the formula protects the port against currency exchange hazards and offers a real cost that is less onerous than bank loans, a more rapid operation carrying out and reduced time for fund mobilization.

Consequently, the Dakar port received the guarantee of six major financial institutions with which it signed on Monday a guarantee convention of the bond issue.

The BMCE capital office in Dakar was opened in March 2003 to accompany major public and private corporate, privatisation, concession, financing and banking projects in Senegal.

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