Announcement of IFC Supports Moroccan Industry One Million Two Hundred Thousand US Dollars for Development Bank on December 21, 1977

DC?@ • International Finance Corporation 1818 H Street, N.W. Washing!on, D.C. 20433, U.S.A. 202-393-6360 IFC Press Release No. 78/13 Wednesday, December 21, 1977 IFC Supports Moroccan Industry $1. 2 Million for Development Bank The International Finance Corporation (IFC) is making a second investment, of approximately $1.2 million, in Banque Nationale pour le Developpement Economique (BNDE) of Morocco, the principal source of long- term finance for private enterprises in that country. IFC, an affiliate of the World Bank, originally invested some $1.5 • million in BNDE's equity in 1962. The new financing represents the Corpora- tion's share of an offering to stockholders that will double BNDE's equity capital and help it to sustain additional long-term borrowing for relending to domestic enterprises. IFC also supports the institution by providing advice and guidance through its representative on the Board of Directors. BNDE is an important financial intermediary in Morocco's development process. It helps finance domestic enterprises by providing medium and long- term loans, rediscounted medium-term loans and equity investments -- mainly for manufacturing projects but also for mining, fishing and transportation. BNDE has also received eight loans amounting to a total of $197 million from the World Bank • • (Any inquiries strictly reltating ·::o IFC' s participation in this project should be directed to the IFC Information Office, 1818 H Street" N.W., Washlngton, D.C. 20433, Telephone (202) 477-5340.)