China Eximbank extends morocco's BMCE bank $ 50 million loan

The China Import-Export Bank will extend the Moroccan Foreign Trade Bank (BMCE) a credit totalling $ 50 million under a two-year agreement concluded in Beijing.

Under the agreement, BMCE will extend Moroccan firms loans to purchase China-made equipment. The loans will cover 80 percent of the total value of the imported products over a period of up to 10 years, a BMCE release said.

The Chinese Prime Minister okayed the installation in Beijing of a BMCE branch, that will be opened by the beginning of 1999, the release said.

The accord was concluded on the occasion of the work visit Moroccan Premier, Abderrahmane Youssoufi, is paying to China.

Several economic cooperation accords were concluded during Youssoufi's stay in Beijing. These include an accord under which China will build a nuclear reactor for sea water desalination in Tan Tan (southern Morocco), in addition to a package of deals destined to enhance the level of economic and commercial cooperation between the two countries.

Other agreements deal with cooperation in fisheries, civil aviation, geology, mining, energy, culture, trade and sports.

Youssoufi's visit to China seeks to establish "balanced" and "intensified" exchanges between the two countries.