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Morocco gets loan to modernize railway as economy grows
Morocco, Economics, 10/11/1997
Morocco will receive a loan worth of $85 million from the World Bank which will be used in financing the investment program implemented by the Moroccan Railway Office. The program will last for five years with a cost of $500 million.
Contacts are underway between Morocco and the World Bank to study the future of the Moroccan Railway Office as its legal status will be changed in response to the economic transformations witnessed by Morocco. Morocco tries to adopt a market oriented style in running the public companies without dropping the social role of these companies.
Among the financial institutions that will participate in financing the program of modernizing the Moroccan Railway Office are; the European Investment Bank which will offer a loan worth of $ 100 million and the African Development Bank which will offer a loan worth of $ 90 million in addition to the French Treasury and Commercial Banks which will offer loans insurance to the companies implementing the program.
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