Moroccan private group invests $160 mln in Cote D'Ivoire
Morocco-Cote D'Ivoire, Business, 6/9/1999

Moroccan private group Chaabi will invest $160 million in Cote D'Ivoire, Moroccan L'Economiste daily reported.

Under an accord concluded last week, the group will construct 6.000 lodgings and a construction materials plant and will acquire 10% of shares in a real estate bank.

The investment accord was concluded during the visit Moroccan Prime Minister Abderrahmane Youssoufi paid to Cote D'Ivoire as part of a tour that also led him to Senegal, Guinea, Gabon and Burkina Faso.

The investment is the largest ever conducted by a Moroccan group in western Africa.

"Morocco should have shown interest in this region long time ago," Miloud Chaabi, head of the group said, adding that Western African countries, especially Gabon and Cote D'Ivoire are determined to develop economic projects with Morocco.

He said his group decided to invest in Cote D'Ivoire in view of the advantages it was granted regarding land and infrastructure acquisition and taxes.

Another Moroccan private group, Karim-Lamrani, will invest $17 million for the construction of a wood processing Unit in Libreville, Gabon.

The Unit, to be built over 64,000 square meters, will produce 36,000 cubic meters of plywood.

Youssoufi's African tour was crowned by the conclusion of 36 accords and protocols, including 17 between the Moroccan state and the governments of the visited countries. The others were concluded among private operators.

Previous Stories:
  Morocco's return to pan-African organization will be warmly welcomed, Cote D'Ivoire diplomat   (5/29/1999)
  Morocco and Cote D'Ivoire sign cooperation accord in geology and oil prospecting   (4/5/1999)

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