Moroccan Highway Company waiting for answer from French and US banks
Morocco, Business, 12/18/1997

The Moroccan Highway Company is waiting for an answer from the French Bank "Paris" and the US Bank "Solomon Brothers" regarding loans in order to increase the capital of the company by an additional $160 million, to increase the company's work in some areas of Morocco and help finance current projects.

The two banks will undertake financial and technical consultations with the Moroccan company in cooperation with the Tegari Finance Establishment working through the Moroccan Commercial Bank.

The foreign banks will be given the choice of either to participate in the capital of the Moroccan company or offer loans with an interest rate of about 5%.

The Moroccan company had proposed the same offer to Moroccan national banks and insurance companies to participate in the capital of the company in cooperation with Arab and European banks.

The European Investment Bank had stated its intention to participate in the capital of the Moroccan Highway Company to develop its activities in the field of building highways. 175 million monetary units were offered over 3 years' time. Japanese banks and a number of Arab Development Funds also expressed their intention to participate. The activities of the Moroccan Highway company are estimated at $700 million.

Sources in the company said that the usage of the highways in Morocco increases by about 14% each year and that the company has started to achieve profits in some areas, like Rabat and Casablanca.

Previous Stories:
  Moroccan National Investment Company to increase capital   (12/17/1997)
  German banks interested in Moroccan privatization   (12/16/1997)
  Daewoo invests in Morocco as its industrial base for Africa   (11/1/1997)

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