Morocco - Land Development Project for Low Income Families

MICROFICHE COPY Report No.:P- 6025 MOR Type: (PM) Title: LAND DEVELOPMENT PROJECT FOR L Author: BEENHAKKER, H. Ext.:32611 Room:H 4151 Dept.:MNIIN 'M~* a LI~~~~~~~~~~~ 3.t A I F~~~ N Ift 'I I I a ~~~~~~~.q4~ ~ ~ ~ ~~~~~~~~~~~~.  CURRENCy EouIVALRNTS (as of January 1993) Currency Unit Moroccan Dirham (DH) US$1.00 , DH 8.50 DVI 1.00 = US$0.12 January 1 - December 31 AB3BREVIATIONS AMD ACRONfYMS. YMNH Agence Nationale de Lutte contre 1'Habitat Insalubre CIH Crfdit Immobilier et H8telier GRAC stablissement R6gional d'Am6nagement et de Construction FPR Foreign Rxchange Risk FNART Fonds National d'Achat et d'Equipement des Terrains Golf Government of Morocco HSDL Housing Sector Development Letter icc Interministerial Coordinating cQumittee mop Ministry of Finance KOH Ministry of Housing -Io ministry of Interior 0MB Soci6t6 G6n6rale Marocaine de Banques SmUC Societ6 Nationale d'Equipement et de Construction TA Technical Assistance  FOR OMCLAL USK ONLY UlDm4 OF DMCO LAUD DEVMLOfHIHT OJETQ FMR LOW-11COW4 ITAILItIS Loan and Proec;t Sumwr Borrowers I Kingdom of Morocco, Cr6dit ImZobllter et I8telier (CII), Soci6t6 G&n6rale Marocaine de Banques (SGMl). and Wafabank. Guarantor sK&ingdom of Morocco (for the loans to the banks) Benefial"ies S* *oci6t6 Nationale d'Equipement et de Construction (SNEC) and private sector land and housing developers. Amoanmt a KoM US$66 Million (U) ciI US$40 N SGOB US$12 N Wafabank US$12 1 I2rs0 s 20 years. inuludiug five years of grace, at the Bank's standard variable interest rate. Onlendinit Torm s For CIA. SGMB and WafaBank: loans at market determined Interest rates amortized over 4 years for sub-projects constructed for resale and 20 years for sub-projects constructed for rental or ivestment purposes. and for self construction sub-projects. For S8EC: a fixed interest rate of 12.5 percent (in line with market determined interest rate) with 10 years maturity, including 5 yearo of grace. _-inan