Morocco largest borrower from ADB

Morocco, which holds 16.05% of the African Development Bank loan portfolio, is the largest borrower, followed by Tunisia which holds 15.21%, says Nigerian news agency "NAN" quoting a publication of the bank.

According to NAN, Nigeria holds about 11.5% of the total loan portfolio of the Abidjan-based ADB.

The publication, "financial and operational analysis 1999," indicates that the total outstanding loan portfolio stood at $ 9.309 billion as at the end of last year.

Algeria, which accounts for 10.26% of the loan portfolio, ranks fourth, while Egypt, which holds 6.12%, is ranked fifth.

The publication states that the bank's loan approvals and disbursements maintained a positive trend in the last five years. It says because of the bank's emphasis on private sector lending, it approved $ 118.1 million for the sector in 1997, up from $ 72.9 million in 1996.

A total of $ 282.2 million dollars went to the private sector in 1998, while approvals stood at $ 414.6 million last year.

The publication states that the bank's borrowing strategy emphasizes low cost funds provided through structured private placements and public issues, through which about $ 1.6 billion is expected to be raised this year.