Announcement of World Bank Supports Large-Scale Immigration Project in Morocco on February 27, 1986

FOR IMMEOIA TE RELEASE World Bank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A.• Telephone: (202) 477-1234 r ~,! ,: f_; ) BANK NEWS RELEASE NO. 86/55 Contact: Fawzi H. Rihane - --. ....-. t 1,"-. :.. , . • -, ';, !~1 .i.'' L .: :'.. ::·~ ,'JH February 27, 1986 \, -. it •. ) ,_.,.,_ <.:!: . :. <"'l .. (202) 477-5325 ·--· ,_ '-• , i ' .,_.)_ C,, ~-~ ,; ) MOROCCO TO SPEND $92.S MILLION ON IRRIGATION World Bank Supports Large-Scale Immigration Project Morocco is investing $92.S million in an effort to increase the efficiency of its large-scale irrigation systems covering about 400,000 hectares (ha). The World Bank is supporting the project with a loan of $46 million. The improvements are expected to increase agricultural and livestock production, generate annual foreign exchange savings of $18.4 million, and eliminate more than $300 million a year in government subsidies. The project will be implemented over six years and will include the rehabilitation or upgrading of infrastructure serving 150,000 ha. Measures will be taken to improve operations and maintenance and to increase the efficiency in the use of existing resources on 400,000 ha. Technical assistance will be provided to strengthen the management of the Regional Agricultural Development Offices (ORMVAs) that are responsible for the development, operation, and maintenance of irrigation schemes. Training will be provided for the staff of the ORMVAs. And improvments will be introduced in the organization, operation and financial performance of these bodies. The project will benefit directly some 46,500 farm families and create about 14,000 full-time jobs. The government ($18.9 million), the National Bank for Agricultural Credit ($5.7 million), and beneficiaries ($2.4 million) will also contribute to the funding for the project. The World Bank loan is for 20 years, including five years of grace, with a variable interest rate, currently 8.50 percent, linked to the cost of the Bank's borrowings. It also carries an annual commitment charge of 0.75 percent on undisbursed balances. NOTE: Money figures are expressed in U.S. dollar equivalents.  FOR IMMEOIA lf RELEASE INTERNATIONAL MONETARY FUND World Bank 1818 H Street, N.W., Washington, O.C. 20433, U.S.A. JOINT LIBRARY INTETTl'l f. Tl ON r~L B~Z\NT< FOR :-:2cous1FjffC:'j[(J(1 bFR D£VEI OPMlUiI 20431 BANK NEWS RELEASE NO. 86/55 (Revise~>8Hu,.i,CN. c. D. Contact: Fawzi H. Rihane February 27, 1986 (202) 477-5325 MOROCCO TO SPEND $92.5 MILLION ON IRRIGATION World Bank Supports Large-Scale Irrigation Project Morocco is investing $92.5 million in an effort to increase the efficiency of its large-scale irrigation systems covering about 400,000 hectares (ha). The World Barik is supporting the project with a loan of $46 million. The improvements are expected to increase agricultural and livestock production, generate annual foreign exchange savings of $18.4 million, and eliminate more than $300 million a year in government subsidies. The project will be implemented over six years and will include the rehabilitation or upgrading of infrastructure serving 150,000 ha. Measures will be taken to improve operations and maintenance and to increase the efficiency in the use of existing resources on 400,000 ha. Technical assistance will be provided to strengthen the management of the Regional Agricultural Development Offices (ORMVAs) that are responsible for the development, operation, and maintenance of irrigation schemes. Training will be provided for the staff of the ORMVAs. And improvments will be introduced in the organization, operation and financial performance of these bodies. The project will benefit directly some 46,500 farm families and create about 14,000 full-time jobs. The government ($18.9 million), the National Bank for Agricultural Credit ($5.7 million), and beneficiaries ($2.4 million) will also contribute to the funding for the project. The World Bank loan is for 20 years, including five years of grace, with a variable interest rate, currently 8.50 percent, linked to the cost of the Bank's borrowings. It also carries an annual commitment charge of 0.75 percent on undisbursed balances. NOTE: Money figures. are expressed in U.S. dollar equivalents.