Morocco and France sign package of economic agreements
Morocco and France signed on Monday a package of economic agreements, as officials of the two countries launched the economic events of the Kingdom's yearlong festival in France, "Le Temps du Maroc."
During the ceremony that was attended by a large Moroccan ministerial delegation and over 500 business people from the two countries, Morocco and France signed agreements that were reached during last October's visit to France by Moroccan Prime Minister Abderrahmane Youssoufi.
The covenants include a convention to set up a guarantee fund to help improve the competitiveness of Moroccan enterprises in international markets. The fund, with a capital of 200 million FF, will be used to guarantee long and middle terms loans contracted by Moroccan small and medium-sized enterprises with Moroccan banks.
France also opened a 200 million FF-credit line, part of the debt-swapping system, to finance technology transfer from French small and medium-sized enterprises to Moroccan firms.
Meanwhile, French group "Accor," which already owns hotels in Morocco, announced participation in the capital of a development fund, "RISMA," jointly owned with other Moroccan banking, insurance and financial institutions.
Another agreement signed between Morocco and French tour operator "FRAM" will increase by 37% the number of French tourists visiting Morocco.
Morocco also launched on the occasion a bond issue, worth 138.7 million Euro (one billion FF), guaranteed by the French Development Fund, to finance Morocco's debt to France, carrying a 9% interest rate.
French Minister of Economy and Finance Dominique Straus-Khan said the agreements consolidate the credibility of bilateral partnership and reflect the excellent bonds between the two countries. He also renewed French readiness and resolve to support Morocco's transition process and its openness to Europe.
Moroccan Economy and Finance Minister Fathallah Oualalou, for his part, called Europe to grant more attention to its southern neighbors, and deplored the gap between customs dismantling carried out in Morocco and the slowness of the European process to help upgrade the competitiveness of Moroccan enterprises.
Morocco and the European Union are bound by an association agreement that provides for the creation of a free trade zone by 2010.