Morocco's first bond issue in euros paid
Morocco, Economics, 4/10/1999

Morocco's first bond issue, worth 138.7 million euros (one billion FF), which was launched last March 22, was paid on April 9, it was officially announced in Rabat.

A statement of the Moroccan economy and finance department says the five-year bond issue, with a 3.95% interest rate will finance the servicing of Morocco's debt to France, exceeding 9% in interest rate.

It is guaranteed by the French Development Fund (AFD) as part of a Moroccan-French agreement signed last October.

The statement said 51% of the bond issue was paid in France, 26% in the UK, 15% in the Benelux countries (Belgium, Netherlands and Luxembourg), 5% in Switzerland and 3% in Italy.

The bond issue was launched by Moroccan Minister of Economy and Finance, Fathallah Oualalou, and his French peer, Dominique Straus-Khan, on the occasion of the start of the economic events of the Kingdom's one-year long festival in France "Le Temps du Maroc en France."

Previous Stories:
  Washington is ready to alleviate Morocco's debts   (4/7/1999)
  Moody's report upbeat about Morocco's economic prospects   (4/7/1999)
  Morocco and France optimistic over cancellation of more Moroccan debts   (3/23/1999)

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