Government moves to salvage navigation company

The Moroccan government on Friday decided to pour 150 million dirhams, roughly $ 15 million us dollars, to rescue the Moroccan Navigation Company (COMANAV/state-owned), which has been prey to a serious financial crisis.

Under an accord signed between COMANAV and the State, the amount will be used to increase company's capital to 487 million dirhams.

COMANAV agreed to implementing a reform program whereby it will re-center its mission, reduce its fleet from 14 to 9 ships by 2005 and restructure its tasks.