Moroccan bank, French development agency fund mining project in niger

The Moroccan Bank of Trade and Industry (BMCI) and Proparco, an offshoot of the French development agency, loaned US $12.5 million to Managem group (mining firm of ONA, Morocco's largest private group) to exploit a gold mine in Niger.

Managem had received a similar amount from the African Development Bank (ADB) that will serve for the same purpose.

The project will significantly contribute to the development of Niger through the diversification of its economy, and the creation of direct and indirect jobs, Managem said.

The loan will help the Moroccan firm consolidate its mining activity in West Africa where it is already operating, particularly in Guinea.

The agreement related to the loan was recently signed in Casablanca with SEMAFO, BMCI's Canadian branch in charge of international activities.