Morocco, largest recipient of French development agency's funds

Morocco is the largest recipient in Africa of the French Development Agency's (AFD)fund, with a total of 155 million Euros of investments in 2000, according to Gilles Peltier, general manager of PORPARCO, an AFD affiliate.

He told reporters cooperation with Moroccan financial and industrial institutions covers several fields, including financing private infrastructures, financial partnership with banks and supporting large enterprises by contributing hard currency and guaranteeing loans.

Direct loans reached 86 million Euros, while loans to credit institutions reached 62 million Euros up to last December 31.

PROPARCO is further involved in the carrying out of the largest wind power project in Africa. The plant, located in northern Morocco has an annual production capacity of 250 GWH, accounting for 2% of Morocco's present consumption.

The AFD affiliate has also invested over 900 million Euros in least advanced countries, mainly in Africa, and is projecting a new business plan covering environment protection, health systems, local savings, social and economic stability through the struggle against social gaps.