Spanish company to invest $ 26 mln in Morocco in 2002

Spanish investment Company, COFIDES, is projecting to invest 300 Mln Dirhams (nearly $ 26 Mln) in Morocco in 2002, mainly in the sector of tourism.

The announcement was made by director of COFIDES delegation in Morocco on the sidelines of a meeting Tuesday in Agadir between Moroccan and Spanish economic operators.

COFIDES, which backs development projects carried out by Spanish firms, has so far financed 20 Moroccan projects worth some $152 million (175 Mln Euros) in different sectors such as metallurgic and pharmaceutical industries, textile and agribusiness

The Spanish business delegation is visiting the Souss Massa region (southern Morocco), to explore investment opportunities in the fields of tourism, agriculture and fisheries.

COFIDES opened its Casablanca delegation last October. This is evidence to the importance Spain gives to Morocco, regardless of juncture issues, director of the delegation said.