700 million FF debt-swap set in motion

The Moroccan and French governments have started implementation of the March 21st agreement swapping a third batch of Moroccan debt worth 700 million FF into private investments in the kingdom.

A release of the economy and finance department in Rabat said the two previous swaps worth 2 billion FF having been exhausted, Rabat and Paris have set in motion procedures to enable private investors to buy and use as investment in Morocco portions of the 700 million FF earmarked after the Club de Paris okayed raising of swap ceiling from 20 to 30%.

Portions bought in auction for less than 56% of their nominal value from the French treasury via banks can be used to fund new projects, extend existing ones or buy assets in Moroccan firms.