Morocco's railway company settles debt, sees activities on the rise
Morocco, Business, 2/17/1999
The Moroccan state-owned railway company (ONCF) said it paid its debt on time and intends to increase its activities and investments in 1999.
"ONCF has no more arrears to pay and has settled on time the debts owed to suppliers, the treasury and donors," Moroccan transport minister, Mustapha Mansouri, said at a meeting of the ONCF governing board.
The Company intends to transport 12 million passengers in 1999 against 11.8 million in 1998 and plans to invest some $ 121 million in development projects part of the four-year program that runs from 1996 to 2000.
The minister said the objectives set for the development of the company and the improvement of its performance have been largely met.
"Liberation" daily recalled on Wednesday that the company was facing tough problems in 1995 and was even on the verge of bankruptcy with unpaid loans worth $ 645 million and a net annual deficit of $ 80.6 million.
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