Morocco - National Agricultural Credit Project

Docwumnt of The World Bank FOR OFFICIAL USE ONLY Repwt No. P-4908-MOR MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN IN AN AMOUNT EQUIVALENT TO US$190 MILLION TO THE NATIONAL AGRICULTURAL CREDIT BANK OF MOROCCO WITH THE GUARANTEE OF THE KINGDOM OF MOROCCO FOR A NATIONAL AGRICULTURAL CREDIT PROJECT MAY 24, 1989 This document has a restricted distribution and may be used by recipients ooly i the performance of their oicial duties. Its contents may not otherwise be disclosed without World Bank authorization.  CURRENCY E Q Currency Unit = Dirham (DU) US$1.00 a DH 8.00 DR 1.00 = US$0.125 ( as of January 1989 ) FISCAL YEAR January 1 - December 31 GLOSSARY OF ABBREVIATIONS ADB : African Development Bank ASAL : Agricultural Sector Adjustment Loan CNCA : Caisse Nationale de Cr6dit Agricole (National Agricultural Credit Bank) EEC : European Economic Community EIB : European Investment Bank FADES : Arab Fund for Economic and Social Development IFAD : International Fund for Agricultural Development rrPA : Industrial and Trade Policy Adjustment K1fW : Kreditanstalt fur Wiederaufbau of the Federal Republic of Germany MARA : Ministry of Agriculture and Agrarian Reform MIS : Management Information Systems OECP : Overseas Economic Cooperation Fund of Japan USAID : United States Agency for International Development  FOR OFFICIAL USE ONLY KtUGDOM OF MOROCCO NATIONAL AGRICUTLTURAL CREDfT PROJECT Ima and Project SummarY Borrower: National Agricultural Credit Bank (CNCA) Guarantor Kingdom of Morocco Amount: US$190 million equivalent Terms: 20 years, including five years of grace, at the Bank's standard variable interest rate. Financing Plan: US$ IBRD 190 ADB 70 RIB 60 KfW 38 OECF 100 FADES 30 CNCA 596 Sub-Borrowers 448 TOTAL 2 Staff Apprail Report: No. 7453-MOR Date: May 24, 1989 Map No.: BRD 20960 This document has a estrctd distributin and may be used by recipIents only in the performance of their official duties Its contents may not othebwin be discbsed without Wordd Bank authorizaon.  MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TO THE NATIONAL AGRICULTURAL CREDI BANk OF mROCCO WITH THE GUARANTEE OF THE KINGDOM OF MOROCCO FOR A NATIONAL AGRICULTURAL CREDfT PROJECT 1. The following report on a proposed financial-intermediary loan to Morocco for US$190 million equivalent is submitted for approval. The proposed loan would have a term of 20 years, including 5 years of grace, at the standard variable IBRD interest rate. It would help finance an agricultural credit project and assist Morocco in meeting national objectives set by the Government and CNCA for agricultural credit for 1988-92. The National Agricultural Credit Bank (CNCA), a major specialized financial institution created in 1961, would be the Borrower, and the Kingdom of Morocco the Guarantor. The project would be cofinanced by ADB, EIB, FADES, KfW, and OECF for a total additional US$298 million equivalent. 2. E Morocco has a well-developed financial sector which in 1987 provided about DR 52.7 billion to the economy, about two thirds of which (DR 33.4 billion) were short-term. As part of the adjustment process, efforts are being made and measures taken to simplify the regulatory framework, reduce distortions in the financial markets, develop the money market, and strengthen institutional systems. Financial sector reforms in Morocco have been supported by the Bank's Second Industrial and Trade Policy Adjustment (ITPA II) loan in 1985 for US$200 million. The National Agricultural Credit Bank (CNCA) is the largest source (752) ot farm credit in Morocco and virtually the only source for small farms (1 to 7 ha) in rainfed and poverty-related areas. CNCA has provided investment credit to farmers over the last 25 years and currently serves some 500,000 farmers, i.e. one third of farmers in the country. Bank Group lending for agricultural credit began in 1966 and to date, six loans have been made to CNCA for a total of US$384.4 million plus cofinancing by KfW, IFAD, FADES, ADB, EIB/EEC and USAID. These loans have been highly successful in (a) mobilizing capital for private sector investments in Morocco; (b) increasing production while improving food security; (c) upgrading agricultural technology and productivity; and (d) building an efficient and viable farm credit institution (CNCA). OED has commented favorably on performance (Schedule C). CNCA's on-lending rates are positive (average 111 compared with the current inflation rate of about 52) and it is profitable. However, CNCA still needs to be strengthened to provide a better range of banking services to its diversified clientele in a period of dynamic growth, to improve resource mobilization, and to improve the credit coverage of small farmers from the current level of 152. At the same time, recovery performance and policy for provisions need attention. 3. The project is being introduced at a critical moment for the agriculture credit sector in Morocco. The medium-term adjustment program for agriculture, which has been supported by loans 2590-MOR and 2885-MOR is in mid course. Private investment in agriculture is currently experiencing a period of dynamic growth after a slowdown in the early eighties due to drought. A 162 real growth was recorded in 1988 and this rate is projected to continue 3a SSZsc  -2- at least through the coming three years as the effects of adjustment work t'aeir way through the economy. Sector exports (US$1,032 million in 1988) have shown renewed growth, outpacing other sectors, and now account for 31% of total exports (1980/84 28%) with fisheries and agroindustrial exports the major sources of expansion. In recent years private investment has overtaken public investment in agriculture reversing the previous proportions. 4. CNCA needs to position itself to respon-d to this dynamic investment environment while continuing to play its crucial role in providing for investment in the poorer regions of the country through its network of local branches (Caisses Locales) which cover the country. At the same time CNCA needs to restructure to face increased competition from other commercial banks in a period where restrictions on all banks are being lifted and competition is accelerating in all sectors. CNCA's proposed evolution towards a full service bank by diversifying lending activities and proposed major new efforts to attract deposits and savings from its local clientele and Moroccan workers abroad is an essential part of this transformation. Deposits have been falling in the recent past decreasing from 14.51 of total resources in 1985 to 13.5% in 1987. A growth in domestic deposits of some 302/year is now aimed at through vigorous new efforts to attract resources from prospective depositors. 5. Rationale for Bank Involvement. Agriculture, which accounts for 181 of GDP and 40S of employment, is a key economic sector in Morocco and the success of the adjustment program in the sector is essential if the Moroccan economy is to continue to achieve satisfactory growth rates. The project is an important element in the Bank's continuing assistance for Morocco's adjustment program. Bank support in project preparation has been instrumental in designing a project which would support long-term efforts to promote private sector investment, stimulate supply responses from the sector and build the supporting institutional framework required, while paying adequate attention to the important social aspects of agriculture. At the same time, apart from supporting conventional lending, the project would support new efforts in areas of particular interest to the Bank, i.e. (a) export growth, through an increase in the quality and volume of investments in agroindustries and fisheries both of which have good export potential, (b) poverty alleviation by assisting CNCA to develop an innovative project component aimed at helping the rural poor and rural women through microenterprise and rural housing development, and (c) local resource mobilization by helping CNCA design a strategy to mobilize savings and deposits nationwide and from Moroccan workers abroad. Through the project, the Bank would also support CNCA's efforts to raise US$298 million of additional cofinancing for investments in the sector. 6. Project Obectives. The project objective is to assist CNCA to adapt its organization and procedures so that it can be responsive to an accelerating investment rate by the private sector in the rural areas of Morocco. The project would aim to (a) increase private sector investment in agricultural development, production and food self-sufficiency; (b) promote increased investment in high return projects with emphasis on export production; (c) diversify CNCA clientele and activities; (d) increase domestic resource mobilization; (e) provide a full range of banking services and products to the farmer commmnity and to non-farm clients and enterprises so that CNCA can evolve into a full service bank; and (f) strengthen CNCA's institutional and financial performance. . . c cr.  -3- 7. Pro ect DeserlvtioWi The project would support the following activities over a four-year implementation period (July 1989 - June 1993): (a) CNCA Credit Program: First, the project would continue financing of (i) on-farm and forestry investments by private farmers. enterprises and cooperatives; (ii) agro-industrial investments; and (iii) investments in rural housing construction. Second, as new elements of the proposed credit program, the project would support CNCA financing of (i) working capital for agro-industrial exporters; (ii) private coastal fisheries; (iii) private artisans, with a special effort being made to support women's activities; (iv) rural non-farm enterprises; and (v) land consolidation; (b) Institutioal Development: The project would fund (i) the training program and equipment needed to better manage CNCA as a universal bank, assist CNCA's clientele, and promote export-related operations and lending to women; (ii) training specialists; (iii) professional visits overseas for local trainers and managers; (iv) consulting services required for the strengthening of management and to support Project implementation; and (v) the construction or rehabilitation of a new tranche of CNCA's regional and local branch offices and other facilities. The total project cost is estimated at US$1,532 million equivalent, with a foreign exchange component of US$502 million equivalent or about 332. A breakdown of costs and the financing plan are shown in Schedule A. Retroactive financing of up to 102 of the loan amount (US$19 million) would be made available to the Borrower for payments made for eligible expenditures after October 1, 1988 as a bridge between the Sixth Credit Line and this loan. Amounts and methods of procurement and disbursements, and the disbursement schedule are shown in Schedule B. The proposed Bank loan of US$190 million would finance about 12S of total project costs and 33S of the estimated foreign exchange costs of the project. A timetable of key project processing events and the status of Bank Group Operations in Morocco are given in Schedules C and D, respectively. A map is also attached. The Staff Appraisal Report No. 7453-MOR, dated Nay 20, 1989, is being distributed separately. 8. Actions Taken and Areed. CNCA has provided a policy statement satisfactory to the Bank redefining CNCA's medium-term development objectives. This statement has been endorsed by the Government. CNCA has also established a satisfactory personnel manual, target organization plan and training program. In addition, CNCA and the Government have agreed on the following actions: (a) CNCA would establish within two major regional branches a unit of its agro-industrial department by December 31, t989, with terms of reference, staffing, and means satisfactory to the Bank; (b) CNCA will continue to maintain its prudent overall financial policy and performance by maintaining minimum standards of capital adequacy, liquidity, profitability and levels of interest rates and debt, as measured before June each year by appropriate financial ratios, and ensuring adequate provisioning for bad debts; (c) CNCA would take satisfactory actions during project implementation to improve its organization and procedures for developing new competitive banking services and products for its increasingly diversified clientele; (d) CNCA will obtain the Bank's prior approval for bidding packages for works and equipment, of US$700,000 equivalent or above, and for individual subloans to agro-processing and fishery investors of above DR 10 million (US$1.25 million  -4- equivalent); (e) the Government's requested margins will allow CNCA to set interest rates at leveis sufficient to maintain CNCA's financial viability; and (f) Government will prepare a study by June 30, 1990, with a view to establishing during project implementation, a National Guarantee Fund to cover the risk of unpaid subloans in rainfed areas in case of calamities. Satisfactory arrangements have been made between the Borrower and the Guarantor for sharing the risk of foreign exchange losses. On-lending terms and conditions would be in accordance with CNCA's existing policies and practices, which are acceptable to the Bank. For the financing of working capital subloans for exporters (US$20 million), receipt of their terms and conditions and operating procedures satisfactory to the Bank would be a condition of disbursement of this part of the project. Fulfillment of the conditions of effectiveness of all cofinanciers' loan agreements would be aimed at before June 30, 1990. 9. Benefits. The proposed project would help achieve a vital transition in CNCA's institutional development by converting CNCA into a full-service bank which would improve Morocco's institutional capabilities to promote private sector investment and growth in the rural sector, and increase domestic savings. Through provision of investment credit to private farmers and other operators, the project would also contribute to increased production, exports, and rural employment while reducing pressure for public investment. This, in turn, would impact favorably on the economic and social goals of Morocco. 10. Risks. The risks are mainly associated with (a) the length and difficulty of the ongoing institutional reform process at CNCA because of Government's past reluctance to increase CNCA's managerial autonomy; since the Government reaffirmed in 1987 full support for CNCA's reforms, this risk is considered reduced; and (b) the threat of severe droughts which Morocco seems to experience at intervala of about five years. Droughts create problems in eredit recoveries and may warrant writing off arrears or rescheduling farmers' debts. On the basis of current and past experience, this risk has not adversely affected CNCA's performance mainly due to CNCA's prudent lending policies, collection methods and provisions for bad debts. For the future, the proposed creation of a National Guarantee Fund being pursued under the project would provide additional safeguards to CNCA in cases where it is clear that arrears have been caused by a natural calamity. 11. Recommendatio. I am satisfied that the proposed loan to CNCA would comply with the Articles of Agreement of the Bank and recommend that the Executive Directors approve the loan. Baber C4wsN Presklent Attachments Washington, D. C. May 24, 1989 3Stse~  Schedule A Page I of 2 KNGDOM OF MOROCCO NATIONAL AGRICULTURAL CREDIT PROJECT Estimated Cdb and Finagigg Pia A Estimated Costs Local Foreign Total ~US Millio - 1. CRIT COMPOCENT 1,027 495 1.522 FARMERS 935 288 1,223 Construction 118 21 139 Equipment 305 226 531 Livestock 369 41 410 Land Consolidation 143 - 143 AGRO-INDUSTRIES 11 32 43 RRA ROUSING 26 17 43 WORKI CAPITAL FOR XPORT - 30 30 COASTAL FISUERIES 39 118 157 ARTIANS L/b AND RURAL ROIFARM ENTERPRISE$ 16 10 26 2. INSTITUTIONAL DEVELOPMENT 3.2 6.8 10.0 Physical infrastructure 2.1 1.4 3.5 Institutional development lc 0.5 4.0 4.5 Base Cost 2.6 5.4 8.0 Physical Contingencies 0.3 0.7 1.0 Price Contingencies 0.3 0.7 - - 1.0 3. TOTAL PROJECT COST (1+2) 1,030.2 501.8 1,532.0 of which: Total Base Cost 1,029.6 500.4 1,530.0 Contidgencies 0.6 1.4 2.0 / Includes US$179 million equivalent of taxes and duties. Ib Includes financing of women borrowers. /c Includes US$0.3 million equivalent of consultantsltrainiug specialists, US$5 million of equipment and US$0.3 million of related services.  -6- Schedule A Pago 2 of 2 KNGDOM OF MORQCCO NATIONAL AGRUCULTURAL CREDIT PROJECT aimaedl Costs a FhjbWPh FUnanctnL MAO tUS$ million) Sub- CNCA Total Total Borromers Own Sub- Project Equity Funds Bank ADS FACES KfW EI3 OECF Lending Cost A. Smil Farmers 124 199 40 25 - 25 - - 289 413 3. Nedii & Large Faroers 200 234 76 20 17 10 40 70 467 667 C. Aro-Industries 13 S 1s - - - 10 - 30 43 0. Rural Housing 13 20 10 - - - - - 30 43 t. Working Capital for Exporters - - 20 - - - - I0 30 30 F. Coastal Fisheries 47 35 20 12 13 - 10 20 110 157 S. Artisans and Rural a l 2 3 - 3 - - 18 26 Non-Farm Enterprises M. Land Consolidation 43 90 - 10 - - -100 143 t. Institutional Development - 3 7 b- - - - - 10 TOTAL M2m 1in ZQ U U flQ 100 1Z074 1 532 % 29 39 13 S 2 2 4 7 70 100 Ia Of which 10% from the agricultural Oevelopmnt Fund created Januory 1 1986 to promate investments aiming at the Intensification -,production on Small Farms n acso dance with the Agricultural Investment Code. Ab Ineludes US$1.4 million of civil works tor CUCA branch network (physical infrastructure). Ca-4nancing by Catganrv CUCAs Sublending Share Grace Interest by Category and Source La rount Maturity Period Rate A 8 C o E F 6 H (US$") (Years) (Years) S p.a&.) -- --- -------- Bank 193 20 5 7.6 16 16 50 33 77 18 11 - ADS 70 16 - 6-.5 9 4 - - - 11 17 10 FADES 30 15 5 4.0 - 4 - - - 12 - - KNW 38 30 10 2.0 9 2 - - - - 17 - EIB LS 60 18 S 8.0 Lb - 9 33 - - 9 - - OECF M0 30 10 LA ._ II _ _ J_1 la - _ TOTAL 481 :d 6.4 34 SO 83 33 100 68 45 10 LA For definition of category see Table above. A Variable rate. 11 ECU So million. 1L Total CCA lendint US$1074 million. ZSa tse . -  -7- Schedule I Page 1 of 2 KIN ,, NATIONAL AGRICULTURAL CREDfI PROJECT Proeurement Metho and Disbursements (US$ Million) I Procurement Total ICB LCB Other Id N/A Cost 1. Farm machinery, farm and - - 1,379.0 143.0 /c 1,522.0 nonfarm equipment & (183.0) (0,0) (183.0) imlements, livestock, fishing gear, civil works and working capital under subloans 2. Civil Works for CNCA - 4.4 - _ 4.4 Branch Network and Offices (1.4) (1.4) Small amount to ICB for headquarters civil works 3. Computer and other equipment 5.0 - - - 5.0 for CNCA (5.) (5.0) 4. Consultants lb - - 0.3 0.3 (0.3) (0.3) 5. Software, computer - - 0.3 - 0.3 maintenance, training (0.3) (0.3) programs- -- TOTAL 5.0 4.4 1,379.6 143.0 1,532.0 (5.0) (1.4) (183.6) (0.0) (190.0) /a Figures in parentheses represent Bank loan financing. /b Includes training specialists. /c Land consolidation credit program. /d This represents normal coumercial practices for goods and civil works for onfarm and non-farm investments; for MIS equipment, maintenunce and training programs, international or local shopping would apply; for consultants, Bank guidelines for employment of consultants would be followed.  -8- Schedule S Page 2 of I KINGDOM OF MOROCCO NATIONAL AGRICULTURAL CREDIT PROJECT Preorenient Methods and (USS Milie. Dlsbursemeuts Amount of the Loan S of Expenditures to Category Allocated be Financed (US$ million) 1. Subloans to small, medium & large farmers enterprises and cooperatives (a) Greenhouses 30.0 751 of amounts paid by CNCA (b) Other investments 86.0 25S of amounts paid by CNCA 2. Subloans to agro-processing 15.0 501 of amounts paid by CNCA and wood-processing enterprises 3. Working capital subloans to 20.0 1002 of amounts paid by CNCM exporters 4. Subloans for Rural Housing 10.0 331 of amounts paid by CNCA 5. Subloans to fishermen 20.0 201 of amounts paid by CNCA 6. Subloans to artisans and rural nonfarm enterprises 2.0 251 of amounts paid by CNC and young promoters 7. Computer and other equipment 4.6 1001 of total expenditures for CNCA maintenance and (80S for goods procured locally) software 8. Consultants and training 1.0 1001 of total expenditures 9. Civil works for CNCA's branch network and offices and other facilities 1.4 471 of total expenditures TOTAL 190.0 Ftmatede Bank FY 1990 1991 1992 1993 -( (US$ million) Annual -30.0 60.0 60.0 40.0 Cumulative 30.0 90.0 150.0 190.0 3$5gsc  -9- Schedule C KIND OM OF MOROCCO NATIONAL AGC .L CREDIT PROJECT setable of Key ProJect Pk Event (a) Time Taken to Prepare: One year (b) Prepared by: Caisse Nationale de Credit Agricole (CNCA) with Bank's assistance (c) First Bank Preparation Mission: November 1987 (d) Appraisal Mission Departure: June 29. 1988 (e) Negotiations: May 10-16, 1989 (f) Planned Date of Effectiveness: October 31, 1989 (g) List of Relevant PCRs and PPARs: First Agricultural Credit Project teview*d in Sackground Paper No. 4 of OED's kroore nv. Agi cultural Credit Progiams, Secuwtd in Report 2543, June 1?, 19/9; Third 1nPeport 3248, December 21, 1980 as the Fourth ia Report 5392 of Decenbet 28, 1984. A combined completiou teport on the Fifth and Sixth Projects covering ftSdit operations from 1985 to 1989 i8 scheduled for March 1990.  - 10 - page 1 of 2 STATUS OF BANK GRouP TPERaTmONS in tmuoRqee IFrATENET OF MMJ~ LOANS MHO IDA CREDITS (As of March 31. 1989) Loan or USS Millton Amount Credit Less Cancellations) _e BWoroe W niLM laAEM h d4 Forty-nine Loans and Ten Credits Fully Disbursed 2,005.77 five Credits Fully Disbursed 45.16 1602 1978 Kingdom of Morocco Agriculture 40.00 10.87 1681 1979 Kingdom of Horocco Education 88.00 1.43 1848 1980 Kingdom of Morocco Agriculture 18.00 4.54 2006 1982 Kingdom of Morocco Water Supply 78.00 22.99 2038 1982 Kingdom of Morocco OFC (SSI) 30.00 3.55 2082 1982 Kingdom of Moroeco Agriculture 16.00 8.69 2110 1982 Kingdom of Morocco Forestry IS.50 7.52 2149 1982 Kingdom of Morocco Education 38.00 4.50 2217 1983 Kingdom of Morocco Agriculture 22.00 16.18 2245 1983 CZ" Housing Development 60.00 9.87 2253 1983 Kingdom of Harocco Agriculture 34.00 22.87 2254 1983 Kingdom of Morocco Highways 76.60 16.24 2272 1983 Kingdom of Morocco Village Infrastructure 16.00 1.23 2479 198S Kingdom of Morocco Vocational Training 27.10 13.87 2487 1985 Kingdom of Morocco Electrical & Hee. Ind. 25.10 11.17 2508 198S Kingdom of Moroeco Jerada Coal Mining 21.00 11.39 2572 1985 Kingdom of Morocco Health 28.40 24.86 ;2656 1986 Kingdom of Morocco Agriculture 46.00 41.35 2657 1986 Port Authority Port of Casablanca 22.00 15.13 2664 1986 Kingdom of Morocco Education 1S0.00 37.30 2731 1986 CNCA Agricultural Credit 120.00 18.94 2779 1987 Kingdom of Morocco Vocational Training 22.30 20.22 2798 1987 OhPT Telecomunictions 116.00 115.39 2806 1987 Nat. lank for Econ. 0ev. Industrial Export Finance 70.00 35.08 2820 1987 Kingdom of Morocco Pub. Ent. Rationalization 240.00 119.23 2825 1987 Kingdom of Morocco National Water Supply 60.00 S8.80 2826 1987 Kingdom of Morocco Greater Cm. Sewerage 60.00 59.37- 2885 1988 Kingdom of Morocco Second Agric. Sector Adjust. 225.00 150.00 2910 1988 Kingdom of Morocco Power Oistribution /k 9O.O 90.00 2954 1988 Kingdmo of Morocco Small & Medium Irrig. tI 23.00 23.00 3001 1989 Kingdom of Morocco Structural Adjust. Loan 200.00 100.00 TOTAL 4.083.77 45.16 1.075.58 Of which has been repaid (only asmrtization) 860.54 4.52 TOTAL held by Bank and IDA 3,223.23 40.64 Aimunt Sold 20.11 Of which has been repaid 20.11 TOTAL Undisbursed 1-0L795a /l Not yet signed. 0468a/p.2 OS.15.89  - 11 -5 " Pap 2 of 2 . tITUatEN 9JE XIV it'n6M!S IN 3=9reo (As of Marcb 31. 1989) fiscal 51 Million .!az. 0bii1 Tyn lf "iw'e .Lhf-KMI .Ital 1962 anque Httionale Devel4pent Financing 58.15 1.54 S9.69 197 pOur le Ddveloppmbt 1983 Eco"nmique (mmE) 196S 1964 Soctitt tSdustrtelle Agroindustry 0.89 0.50 1.39 de Luaus (Loan fully repaid; equity sold 1976 NHrrakoch Cem_t Cement Production - 1.28 1.28 197? Tamar Caeo t Cement Production 4.7S 3.S7 8.32 1980 1979 Ciments d'Ag&dir Ce m t Production IS.16 - 15.16 1980 SONFER Nines 12.99 2.35 15.34 1981 Casablanca Cement Cent Production 15.80 2.2S 18.05 1982 1985 frumt Agroindustry 8.30 - 8.30 1987 Cridit Iin.bilier at financial Institution NHtelier (CIN) 25.00 - 25,00* 1987 Setadi1 Textile factory 3.27 1.33 4.6 1987 Cialgas-Naroc S.A. Agr Production 1.00 0.30 1.30 1989 COUARIT Ferry Service 4.30 - 4.30 Total Gross Comitments 149.61 13.12 162.73 Less Cancellations. Terminations. Repaypents. Sales and Exchge Adjustments W.An 99 S820 Total Coaitments Hold by tFC JiL .Jh l.M.S of duich undisbursed 1.00 0.30 1.30 * lfC net. Ooes not include participations from commercial banks. 04799/p4 4/26/89  , ~~~~~~~~~~~~~~~~~~~~~IBRD 209Q MOROC:COTr@ NATIONAL AGRICULTURAL CREDIT PROJECT , TMeirrleu :^ PROJET NATIONAL DE CREDIT AGRICOLE '.,; BRANCH NETWOR FTHE NATIONAL AOCULTURAL CREDIT BNK AP -- - It - z RESEAU DELA CAISSE NArMAE DE CREDffAGRICOLE 12s0 CHCok KM= ul-~~ho : ; SWvw tafud a GP, ,J