Announcement of Morocco Land Development Project for Low-Income Families on June 10, 1993

FOR IMMEDIATE RELEASE World Bank 1818 H Street. N.W.. Washln5to. D.C. 20433, U-S.A. * Teiephone: (202) 477-1234 BANK NEWS RELEASE NO. 93/105 MENA CONTACT: JEANNIE YAMINE (202)473-2318 MOROCCO: LAND DEVELOPMENT PROJECT FOR LOW-INCOME FAMILIES The following is information on a project approved by the World Bank's Board. DATE: June 10, 1993 WORLD BANK GROUP SUPPORT: World Bank loan: $130 million. The World Bank loan is for 20 years, including five years grace, at the Bank's standard variable interest rate. TOTAL PROJECT COST: $321.5 million OTHER PROPOSED FINANCING: Societe Nationale d'Equipement et de Construction (SNEC), $113.4 million; Credit Immobilier et Hotelier (CIH), $21.9 million; Ministry of Housing (MoH), $0.46 million; private banks, $13.3 million; sub- borrowers, $42.3 million. BENEFICIARIES: SNEC and private sector land and housing developers. PROJECT DESCRIPTION: The project has four main objectives: a) to provide serviced residential lots at affordable prices specifically targeted to squatter and low-income families; b) to provide medium-term financing to eligible private sector property developers for construction of housing for low-income families. c) to foster the participation of private sector banks in the housing finance sector; d) to improve the housing finance sub-sector, housing subsidy policies and the land delivery process.