Announcement of Morocco to Modernize Port Facilities on December 21, 1990

FOR IMMEDIATE RELEASE World Bank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A.* Telephone: (202) 477-1234 BANK NEWS RELEASE NO. 91/34 Contact: Fawzi Rihane (202) 473-2675 MOROCCO TO MODERNIZE PORT FACILITIES WASHINGTON, December 21, 1990 -- Morocco's ongoing efforts to expand and modernize its port facilities will be supported by two World Bank loans totalling $132.million." The project will support the government's program to liberalize trade and promote exports through increasing efficiency and financial viability of the country's major ports. The project will finance the investment program of the Office for Port Operations (ODEP) and includes construction of a new container terminal in the port of Casablanca, with the provision of specialized container-handling equipment; facilities for roll-on roll-off traffic in the port of Tangiers; adaptation of a berth for coal traffic in the port of Jorf Lasfar; construction of a radar control tower and provision of related vessel traffic services for marine security; continued development of computerized management and operational systems for ODEP; and technical assistance and training. Another component of the project, to be carried out by the Ministry of Public Works, includes a program of maintenance dredging and breakwatev strengthening works designed to ease a sizeable backlog accumulated over the years. The project is expected to be completed in four years and will result in substantial savings on sea freight rates for both exports and fmports. It will also encourage policies and institutional measures aiming at better planning and coordination of port activities in relation to the government's export promotion policies. The World Bank loans are for 20 years, including five years of grace, with a variable interest rate, currently 7.72 percent, linked to the cost of the Bank's borrowings. It also carries an annual commitment charge of 0.25 percent on the undisbursed balance. Note: Money figures are expressed in U.S. dollar equivalents.