Morocco - Second Agricultural Sector Investment Loan (ASIL II)

Document of The World Bank FOR OmCAL USE ONLY Repot No P-6174-MA MEMORANDUi AND RECOMMENDATION OF TUE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EKECUTIVE DIRECTORS ON A PROPOSED LOAN IN THE AMOUNT EQUIVALENT TO US$121 MILLION TO THE KINGDOM OF MOROCCO FOR THE SECOND AGRICULTURAL SECTOR INVESTMENT LOAN (ASIL II) MAY 27, 1994 MICROGRAPHICS Report No: P- 6174 MA Type: MCop This document has a restricted distributon and may be used by reipients only in the performanwe of dter official dutes. Its contents may not otherwise be disclosed wdtito Wodd Bank athorization.  CURRENCY LOUlVALENTS Cuirency unit = Dirham (DH) US$1.00 = DH 9.500 DH 1.00 US$1.05 (as of May 1994) FCAL YEAR January ' to December 31 GLOSSARY OF ABBREVIATIONS AER - Agriculture Expenditure Review ASAL - Agricultural Sector Adjustment Loan DPAE - Directorate of Planning and Economic Affairs EMTEN - Environment Division of ECA/MNA Region Technical Departnent EMU - Environmental Management Unit ERR - Economic Rate of Reurn FDA - Agricultural Development Fund FY - Fiscal Year MARA - Ministry of Agriculture and Agrarian Reform MAMVA - Ministry of Agriculture and Agricultural Development SAL - Structural Adjustment Loan  FOR OFF(CIAL USE ONLY KINGDOM OF MOROCCO SECOND AGRICUILTtJRAL SECTOR INVESTMENT ILOAN l oan and Vroject Sumnmaiy Borrower: Kingdom of Mlorocco Amount: US$121 million equivalent Terms: Repayment in 20 years, including 5 years of grace. with interest at the standard variable rate. Financing Plan: US$ Million World Bank, ASIL 11 121 World Bank, Other 64 Gjovernment 695 Other Donors 113 Total Project Costs 993 Economic Rate of Return: Minimum 10 percent when applicable Poverty Category: Not Applicable Environmental Categoryv B Staff Appraisal Report: No. 12392-MOR Map No.: IBRD 24657 This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed wthout World Bank authorization.  MEMORANDUM AND) REiCOM FMNDATI()N OF 'I i{ iPRESIDENT 01O THf iNTERNATIONAL BANK [OR RECONSTRUT1 ICON AND) IDFVUI )PMENT TO THF I XkU lJTIVE,- DIRIFCTORS ON A PROPOSIA) LOAN IN AN AMOUNT F1I(IVAL_NTTO US$121 MIL-LION TO TIlL KINXOD i l1 MOROC((() I-ORTHl-I S('"OND AGRICU LTU lRAL. MECTOR IN VFST'M1-NIl LQAN I I sulmnit fior yoUr app;n,val dhie fUil oN inec. memorandum Atici rccormtenildation onl a proposed lWan to the Kingdom r N0oIocco I io te eliccqiwln i ofi'SS12 I million o iinance the second Agricultural Sector ! estmlenm l oan tASIL 11). Ti-lC WCUld ht ut 1t1h Bank's standard variable interest rare. witl a maturitv of' 2(F vears, i11cilOdliI1" s vev!, tii grack 2'. iBackground. iii rt-sponse to intereasinyv *cofniormc diiseqi ilibrta in inte intefrnlbl atnd external accounts in ites earlv 1980s. Mlorocco enlxarkcd upon a MCed.iunm-Terini AgricUIltural Sector Adjustment Program (M. rASAP) to support its ambl itious mediUm-termn program ol stabilization and adjustment. As part of this prograrm, public investmems were cut to redujce the fiscal deficit and a number of policy measures were taken to impro-ve the halance of payments. 'I'hc Government's reform program has received the Bank's suppot thlirOLughl iwe" a /ia, two agricultura! sector adjustment loans (ASAL 1, signed FY85. & ASAL St. signed FY874. two structural adjustment loans (SAL 1I signed FY89, & SAL 1, signed FY092). and an agricultural secTor investment loan (ASIL 1. signed FY91). 3. Progress undler die MITASAP was svery good. While agricultural growth was slow in the 1970s. averaging 2.4 percent p.a. in real terms, it rose to an average 8.2 percent annual real rate between 1981-91 despite several drought years. This growth reflects the impact of the MTASAP's improved incentives framework, as well as the growina iimpact of irrigation and adequate rainfall in the non-drought years. This output growth was accompanied bh increases in agricultural exports (3.2 percent in real termns on average between 1981 and 1991) and reductions in food imports (an average of 1.2 percent p.a. in real terms over the same perio)d). 4. Despite these achievements, challenges remain, in particular in achieving productive potential, responding to changing economic circumstances, protecting natural resources, and alleviating poverty. In light of the current circumstances, the Governiment and the Baiik have re-focused the goals for the agricultural sector around four principal objectives: (i) increase sector efficiency, flexibility and gtrouth by raising sector productivity, expanding the ability of farmers to respond to changing markets and reducing risk: (ii) assure envirorunrictal trotection by maintaining, protecting, and developing the natural re.- ource base, (iii) reduce povertl by expanding incomiie generating opportunities in rural areas and directly addressing specific pockets of intense poverty; and (iv) r_define the role of the Government by increasing reliance on the private sector and strengthening public administration through greater accountability, decentralization and more efficiency. 5. The Government aims to achieve these objectives by: (i' continuing to pursue the adjustment program (deregulation and liberalization of domestic markets. ftirther opening of externa. trade regime); (ii) increasing private investment (furtlher liberalization of the pricing framework, provision of an adequate investment code and rural financial services, increased security of land tenure); (iii) reducing and diversifying risks in the sector (greater use of improved crop varieties, expansion of irrigation schemes and introduction of a calamity insuratnce scheme); (iv) enhancing responsiveness to changing economic conditions (continued loosening of restrictions on cropping patterns, greater access to services), (0) increasing incentives for more rational use of natural resources (higher irrigation water charges, fees for use of communal lands); and finally (vi) more carefully selecting public investments and improving the performance of current investments and publicly-provided services. The Goverrment is committed to these objectives and fully ownls the adjustment program, as demonstrated through its continued pursuit of the policy reform agenda in the agricultural sector, even after closure of the Bank sector adjustment loans.  5. Project Objectives. Although the Government's sector objectives are clear, resource constraints limit the options for public intervention to pursue them. The principal need in the sector is to select investments that further these objectives, but at the same time, to focus them into carefully chosen areas where public sector involvement is well-justified or where thev can facilitate private investments and private services. These investments need to be coupled with an action program that also advances sector objectives and that is designed to make the investments more productive. The principal objectives of the Loan are, therefore, (i) to provide a general resource transfer to the agricultural sector in support of well-conceived public investment program by financing selected investments in the budget of the Ministry of Agriculture, and (ii) to support deepening of complemen:try sector reforms. 7. Project Description. The overall project would encompass the entire agricultural investment program of the Ministry of Agriculture for four years, 1994-97. It would be comprised of two co-nponents: an investment program and an action program. 8. The investment component would fund selected items in the budget of the Ministry of Agriculture for 1994-97, with retroactive financing for the mouths in 1994 prior to Loan signing. These include irvestments in: agricultural education, livestock, crop production, ,lant protection, land policy programs, rainfed land improvements, forestry, extension, small- and medium-scale irrigation, and planning. The Loan would also finance an Ag:icultural Development Fund (FDA) which promotes private investrnents in: land improvements; irrigation improvements: increased use of small- scale farm equipment; iivestock intensification; phytosanitary protection; and increaZed tree planting. Irnvestment items to be financed under the proposed Loan were selected according to the following procedures. First, they were screened to ensure that they were: (i) consistent with pursuit of sector and subsector objectives; and (ii) not already financed by other donors or the Blank. Second, a more detailed evaluation was then made usirg project summaries prepared by the Government to ensure that investments conformed to accepted project selection criteria. Projects in this category with "high" economic, social or environmental rates of return (generally above ten percent) and sound justification for public intervention were then selected for financing under tuie proposed Loan. 9. the action program would be comprised of reforms designed to improve the efficiency of selected investments or operations in the sector, including: (a) liberalization of internal and external trade; (b) reforms in the budget execution process; (ce reforms of the FDA; and (d) subsectoral reforms (covering livestock, agricultural education and training, forestry and soil conservation, small- and medium-scale irrigation, plant protection, extension, crop production, research, and land policy). These subsector reforms focus on consolidation of the adjustment process (ircreasing the contribution of beneficiaries to the costs of public services, reducing subsidies); private sector development (outright privatization, greater incentives for private investment, education/training for the private sector); improved public sector management (decentralization and improved operations at the field level, improved inter-ministerial coordination, improved quality control); and envirorment and water resource management (incentives for more rational use of forest resources, elimination of threat from poorly stored hazardous agricultural chemicals, improved protection of rangelands). 10. The ASIL 11 would also support the establishment of an Environmental Management Unit (EMU) which would have the responsibility for undertaking environmental screening of projects, arranging for environmental impact assessments when appropriate, and monitoring impact results from investments. 1l. Program Costs and Financing. The total project cost is equivalent to the Ministry of Agriculture's overall investment program for the four years, 1994-97, and estimated at DH9435 million (IJS$993 million equivalent), of which some US$177 million is covered by donors (including the Bank under other projects). The proposed ASIL 11 of US$121 million would finance just over  - 3 - twelve percent of the investment budget of the Ministry of Agriculture for those years. CxCluding taxes and duties. Retroactive financing of up to ten percent of the loan amount would hb provided and would cover payments for eligible expenditures made during the months in 1994 precedling loan signing. A breakdown of the cosls and the financipg plan are shown in Schedule A. Am,Iunts ;and methods of procurerlient and of disbursements. and the disbursement schedule are shown ill ScheidiL B. A timetable of key project processing events and the status of Bank Group operations irn fItrocco are given in Schedules C and D respectively. A mzap is also attached, as is the Staff Arplalasl Report, No. 12392-MOR and dated Ma!N 27. 1994. 12. Project Implementation. The Ministry of Agriculture would have overall responsihbilBv for project execution. The implementation of project investments. would be made by the various directorates concerned. The Director of the Directorate of Planning and Economic Affairs (I)PAI-), who is responsible for investment budget of the Ministry of Agriculture, would be the Project Coordinator. Within budget envelope of the Miristrv of Agricuiture. he would ensure that project priorities are respected in the annual allocation of budget funds and that project selection criteria acceptable to the Bank are applied. 13. Comprehensive annuai reviews ov the Bank and the Government would be undertaken as part of the Loan. These reviews ould take place each year at the time the draft budget is issued for the subsequent year. A policy dialoL ue between the Bank and the Government on the overall action program would also be held at that time, including discussion of progress on the measures detailed in the Development Action Plan and accompanying matrix. The Government's proposed expenditures for Bank financing in the subsequent year, based on the draft budget, would be examined and eligible projects selected for incorporation intc the program. Financing for thu following year would depeDd on agreement on project selection and compliance with the action program. The Bank's al!ocation of Loan funds for subsequent years to individual directorates of the Ministry of Agriculture would be contingent on progress achieved by those directorates in carrying out the reform program ror which they have responsibility. 14. Lessons Learned from Previous Involvement. The Moroccan Government is committed to the reform process, but appreciates the support of the Bank to facil;tate policy change. A lack of continuity in this support can lead to an interruption in the reform process. The ASAL I and ASAL II did well in providing this support. While the SAL 11 and ASIL l made very important contributions to the reform program. there were gaps in timing and coverage. A series of sequential operations would be more useful. The PCR for the ASAL II stresses the need to view the reform process as a long one. Individual loans should not be too ambitious, and should each be part of a long-term effort for policy change. Thus the ASIL II would be the second of a series of sector investment loans to the country. The ASIL I experience highliglhted the need to establish strong institutional mechanisms for channeling Bank support to the multitude of actors involved in implementing the Giovernment's overall investment budget. These mechanisms are being put in place for the ASIL II. 15. Rationale for Bank Involvement. Emphasis on agriculture sector investment loans (ASILs) is a key feature of the sector assistance strategy for Moroccan agriculture'. This strategy calls for a series of ASILs to serve as the major vehicle for policy discussion and for treatment of other sector- wide issues as well as for financing critical investments in the sector. Stand-alone projects would be reserved for those investments where extra technical assistance and/or project preparation/appraisal skills are particularly needed. 1An Agriuiltural Strateuv Paner ;6 curre.ntly -nd.e nrri- nn  -4 - 16. The endorsement of ASILs as an important lending instrument is based on the detailed Agriculture Expenditure Review (AER), undertaken in 1990, which found the investment budget of the Ministry of Agriculture (MAMVA)' to be generally satisfactory and worthy of Bank support. This AER has been updated as part of the preparation for the proposed ASIL il and WLould he uipdated again as subsequent ASILs are prepared. The Bank has unique experience in undertaking expenditure reviews which it can bring to bear as a systematic part of the ASIL process to help Morocco further develop, monitor, and evaluate its sector investment program. 17. The proposed Loan would allow the Government and the Bank to build on cltOrts begun under the ASIL I, most notably by continuing to improve the investment process, c.g., by streamlining budget execution and strengthening procedures for project appraisal and project selection. ASILs further provide an instrument foi the Government to maintain an on-going sector dialogue with the Bank and give it an opportunity to receive support for continuing policy reforms, both of which are strongly valued by the Moroccan Government. The ASIL 11 would permit a deepening of the policy agenda, begun under the two ASALs and the SAL II, into specific, subsector issues that were not addressed under the more sector-level adjustment loans. As such, it can be seen as an important complement to those three loans. Finally, the ASILs provide funding for small, scattered, but meaningful investments that would not otherwise benefit from external financing. In Morocco, this is particuiaily crucial withl regard to investments in the rainfed subsector where the poorest in rural areas tend to be found. 18. Reletionshi to Bank Country Assistance Strategy. The proposed project fits well within the Country Assistance Strategy for Morocco discussed at the Board on November 23, 1993 (see Report No. P-6114-MOR). 'Ibis strategy stresses six pillars fcr the Bank's strategy: consolidaing the adjustment and reform process, improving public sector management, fostering private sector development, enhancing environmental and water resource management, alleviating poverty and increasing the outward orientation of the economy. The ASIL II is specifically intended to further the sector objectives discussed in para. 4. The sector objectives, and therefore the objectiv.es of the Loan, are clearly consistent with these six pillars, and particularly emphasize consolidation of the adjustment program, private sector development and improved public sector management. 19. Agreed Actions. Government agreement has been obtained on the following priority actions and issues. First, a set of improvements to the budget execution process have already been made. Second, the Loan would support a series of measures to liberalize internal trade, including: (i) obtaining approval by the Council of Government on mechanisms for the deregulation of the domestic marketing system for cereals (except bread wheat), as a condition of effectiveness; and (ii) submitting to Parliament a draft law for this deregulation by December 31, 1995. Third, the Loan would s'iecify establishing an official environmental screening unit as a condition of effectiveness. Fourth, the Loan would support improvements to the FDA program, including issuing a reTulation - o permit the private sector to make certain investments (as a condition of effectiveness). Finally, the Loan would support a number of steps to liberalize external trade, including (i) introducing tariff equivalents less than or equal to the tariffs proposed under the GATr agreement for all cereals by April 1, 1995; (ii) putting in place tariff equivalents less than or equal to 90 percent of those proposed for 1995 under the GATT agreement for all cereals by April 1, 1996 and for st'. equent years; and (iii) ensuring that these tariffs remain fixed except under certain circumstances. The remaining actions supported by the proposed Loan would constitute an overall program which the Governmnent has committed to carrying out. Progress on the program would be assessed during annual reviews and fiuture commitments under the Loan would be subject to satisfactory implementation of the action program. Funding for subsequent years would not be allocated to 'Me Ministzy of Agriculture and Agricultural Development (MAMVA) was formerly called the Ministry of Agriculture and Agrarian Reforna (MARA).  directorates that have not adequately executed their programs, even if overall progress on the action program is deemed satisfactory. 20. Environmental Aspects. The proposed Loan has been classified as a Cate'.ory B project since, overall, it would have limited environmental impact. No pesticides or herbicides would be financed (aithough improved storage warehouses and safer application equipment would) and it is not anticipated that there would be any resettlement issues from the land consoliddtion component. The EMU established under the proposed Loan wouLld carry out environmental screening and to arrange for environmental impact assessments when necessary. A base-line environmental screcning was conducted by EMTEN to ensure that projects submitted for financing do not have any negative impacts. This screening has determined that certain supplemental documr-n.ation would be required for a small numnber of projects before disbursements could be made for the associated budgetary line items. In any case, the effects of ASIL il are likely to be positive, especially in the areas of reforestation, soil conservation, erosion control and better handling and disposal of agricultural chemicals. 21. Proiect Benefits. All of the investments selected for financing under the proposed Loan meet a minimum ERR or other social or environmental objectives. The primary benefit of the investment component is increased agricultural productivity and farm income. A number of investments promote the conservation and protection of the natural resource base, especially the forests and the ranges. In addition, the Loan would have significant equity benefits because all of the project investments go to thn rural sector which accounts for 50 percent of the population and includes the majority of the country's economically disadvantaged. The primary beneftt from the action program is increased efficiency: efficiency of the investments themselves or efficiency in the allocation of resources in the economy. 22. Proiect Risks. One possible risk is that the Government would not make adequate budget funds available for the selected investments during the project period. Overall budget levels for the Ministry of Agriculture should be assured under the SAL II, reducing the possibiiity of this risk. In the event of a shortfall, however, design of the ASIL II is flexible enough to permit substitution of alternative investments meeting the selection criteria. There is also a risk that individual reforms in the action program will not be implemented as agreed, however the overall program is very much "owned" by the Government, particularly the subsector reforms and the status of these actions would be carefully assessed and discussed with the Government as part of regular supervision and the annual reviews. 23. Recommendation. I am satisfied that the proposed Loan would comply with the Articles of Agreement of the Bank and recommend that the Executive Directors approve the proposed Loan. Lewis T. Preston President Attachments Washington, D.C. May 27, 1994  -6 - Schedule A KINGDOM OF MOROCCO SECOND AGRICULTURAL SFCTOR INVESITEMNT LOAN Estimated Costs and Financinig Plan Estimted Project * asts -5-- US$ milhion--------- ASIL 11' Subsector Loeal For.eign Total US$ mn NON-IRRIGATION I Agric. Education, DERD 13. S 7.51 21.3 18.9 Livestock, DF. 9.7 11.4 2 1.0 19.3 Cro3p Production, DPV 4.7 I .7 6 5 5.7 Plant Protect., DPVCTRF 0 8 1.1 I 1 9 1.7 Land Policy. DrFCC 2.0 3 0 5.0 4.4 Rainfed Land Imipr., DAF 3.5 2 7 6. I 5.4 Forestry. DEFCS .J 0 8 2.? 2.0 Planning, DPAE 0 2 0.2 0.4 0.4 SUBTOTAL 36.1 28.3 64.5 57.8 IRRIGATION Small-Scale. DAHA/DDGI 14.6 10.1 24.7 21.1 PrSA 55.0 40.8 95.8 42.5 TOTAL 105.7 79.3 185.0 121.4 a_ Colurn re, resents dishursement amounts for the proposed ASIL II. FDA financing under the ASIL 11 is limited tn 35 percenit of the total loan amount. Figures include 10% retroaetive financing for the months in 1994 prior to loan signing. j [ Fuancing Plan (US$ Million) I_______________ Local Foreign Total J Go'e e .flA 400 295 695 Ot! eX. A. 68 45 113 | Bi11 . I A 26 64 <'inding 54' 70 5 1 121 'L''A!, 570 417 993  -7 Schedule B Page I of 2 KINGDOM OF MOROCC(O SECOND AGRICULTURAI. SECTOR INVESTMENT LOAN Procurement Table F Procurement ( JS$ Million) Procuremen: Method Project Elemenit IB LCB O(ther Total Cost Civil Works 4.0 42.9 4 9 04 ;3.4) 36.41 (2.6) i (42.4. Goods I i.5 9.6 6.9 | 28.0 (103) (S.o I 6.3i (25.2) Agricultural Development Program (FDA) . 63.9 31 9 95.8 (28.3i (4.2 (42.5) Consultancv Services, Studies and Training .1 .. I1.3d 11.3 TOTAL I5..' 116.3 53.2 1 85.0 (13.7) (73.4) (34.3) (121.4) a Force Account for civil works. h Local shopping for miscellaneous goods (US$3.2 million) and d irect p . rehase for veter inary drugs (US$3.7 mi'lion). \c Standard practices of purchase for FDA. \d Bank Guidelines for consultancies. Total program costs are US$993 million. Figures in table are costs of line items selected for ASIL If tinianicig Figures in parentheses are amounts to be disbursed hy the Bank for these line L tem. hlie t nancing amount for FDA is limited to 355 of the total loan amount. Goods include: 4UtpmenL. tools, materiais, farm inputs, vehicles. plants. trees and veterinary drugs. Numbers may 'wo aJo dLje to rounding.  -8 - S.chedule 13 "age 2 of 2 KINGDOM OF MOROCCO SECOND AGRICULTURAL SECTOR INVESTMENT lOAN Project Di.sbursements Table Project Disbursements Loan Allocation ic of Expenditures l Project Element (US$ million) to be financed<' Civil Works 38 85% Goods 23 90 % l Agricultural Development Program (FDA't 38 95%c l Consultar,cy Services, Studies arid Training 10 1009 Unallocated 12 Yiota1 121 a\ Loan Allocation figures are amounts disbursed by the Bank which have been adjusted to allow for a 10 percent share of funds to remain unallocated. b\ Disbursement rates refer to percent of I ine item expenditures to be finaniced. The disbursement rate for FDA line items is 95% provtded that total ASIL 11 financing for this component does not exceed the agreed limit of 35Yc of the total loan amount. Disbursement Schedule Disbursement Scbedule (US$ million equivalent) IBRD Fiscal Year Disbursements 1995 1996 1997 1998 1999 Annual 7 27 36 39 12 Cumulative 7 34 70 109 121 Numbers may not add due to rounding.  -9 - Schedvule C KINGDOM OF MOROCCO SECOND AGRICUI LTURAL SWCTOR INVST. lENT LOAN Timetable of Key Processing Events Tinetable of Key Processing Events (a) Time taken to prepare: 14 months (b) Prepared by: Government and Bank (c) First Bank mission: November 1992 (d) Appraisal mission departure: April 1993 (e) Negotiations: May 9, 1'94 (t) Planned date of effectiveness: September 1994 (g) Responsibility for preperation: Task Manager: Laura Tuck, MN 1AG Division Chief: Odin Knudsen, MN I AG Country Director: Daniel Ritchie, MNI Regional Vice President: Caio Koch-WeseT, MNA Peer Reviewer: Gert Van Santen, EMTAG M:\KATHY\ASLREY\MOPGREY.GC  - - 5,~~~~~~~~~~cht,cuiw D (ae1 of 2) TI1e Status ol BanK 3roIJD ZPia1r__; 'l . Statemern of Ca^i _aans and t'A As Y 1,7" h t 13941 L~~~~~~~~)an Of~~~~~~~~~~~~~~~~~~S 1-si C,Iool.,, rn mI Cier3.t No ' ir'Y *-- -6 . a' 'CA LiiJ urjise Saventy-four ''arns an ,i :: .a f 2$ .s 4tS Of *n_.i' SALS. SECA-3 a J '' . . -aw '377 1'984 K', K-q i: .t . r . r v I ^SA .?0 2590 1983 Kar;d:"' .e' .4rocrc .A;.t.riS-JC'n' 10?0) 2604 1986 K.ricrn i,_zrocco - '" l -'e .icy Aoliustmran"! C G30 26564 19SS Khngos er r ;1rc3 E an t) . s- !"' 'O 3i'C1 , f89 K1C'gz'> Y 'oroco Sl: . C2 , OJ 2820 1987 K,rngom 01 ol ccco 239 _6 2885 1988 Klrgdor. ofMcfccco A, "'_ 3 . 2253J 3463 1992 Kirgcom of MrccCoO SA_ 275 )0 Sub-total 1533 96 CisOursino Loans 2572 1985 K;-idgs o' Morocco Hea I" 7eaioprrer.t 23 40 4 88 2779 1987 Kit-goc o: VcrfcC3 . -.a'.o'a ram g I 2 2 3A 0 87 2798 19,7 CNr ae P_.rnmur:caulons 1t0o 14 94 2806 1987 G. DE ,rr lsma, Exocr F:nance 63 2.74 2825 1987 Kingoom of 1hArocoo Nat:oral 'Water Suoply 63 00 29 52 2826 1987 Kingcom cl Vlor0cco Greaer Casao:arca Sawerage 60 03 34.30 2910 1988 Kingaom of Morocco ;-sxer .sirc_ton 90&0 61 75 2954 1988 Kirgoom ofMorocco Sma.i & Mdiurn Irrigation ii 2300 14.70 3028 1989 KIngdorrm of Morocco Qu'ai Primary Education 83.00 36 03 3036 1989 K;ngoon o0! Morocco Agr:oulture Extension & Research 28 00 15.80 3048 1989 Kingdom of Morocco Puo.c Administration Loan 23.00 13.35 3121/22 1990 C:H Hous:nrg F:nance 80 50 2.54 3136 1990 Kingoom of Morocco Inoustrial Finance 170.00 10 00 3156 1990 Kingdom of Morocco Forestry il 49.00 39 69 316S 1990 Kingc1m of Morocco Hignway Secter 7900 21.79 2171 1990 Kingdom of Morocco Health Sector 104 00 82.80 3262 1991 Kingoom of Morocco Rural Electrfication if 11400 113.51 3283 1991 Kingdem of Morocco Port Sector 33.00 23 55 3284 1991 ODE? Port Sector 99 00 64 56 3295 1991 Kingdom of Morocco Rural Basic Education oevelopment 145.00 138.63 3365 1991 Kingdom cf Morocco F;nancal Sector Development 235.00 5. 93 3403 1992 Kingdorn of Morocco Agriculture Sector Investment 50 00 6.85 3Sa7 1993 Kingdom of Morocco Tsiecommunications 100.00 92.98 3587 1993 Kingdom cf Morocco Second Large Scale Irrigation 21S.C0 215.00 3618/21 1993 Kingdom of Morocco. Lana Development 130.00 126.27 3616117 1993 Kingdom of Morocco Municipal Finance 1 104 00 104.00 3647 1994 Kingoom of Morocco Environment 7ach. Assistance lb 6.00 6.00 3662 1994 Kingdom of Morocco National Rural Finance 100 00 100.00 3664/5 1994 Kingdom of Morocco/ONEP Watar Supoly V le 160.00 160.00 3688 199f Kingdom of Morocco Irrigated Areas Agric. Services /b 25.00 25.00 TOTAL 6.546.15 45.16 1,613.98 Of which has been repaid (oniy amortizatlon) t,747 75 9.35 Total held by Bank and :DA 4,798.40 35.81 Amount soid 20.11 of which repaid 20.11 Total Undisbursed 1,613.98 SAL, SECAL or Program Loar /a Approved after FY80 /b Not yet signed /c Not yet effective  - 1 1 ~ ScheduleD (page 2of 2) Statement of IFC Investments in kiorocco LAs of March 31. 1994) Orginal Gross Commitment Fiscal CUS Millioni Year Obygiator Te of Busmess Loan Equity Tctal 1962 Banque Nationalo pour DevelpmenFae 42 51 2.68 45 19 1973 I Oev Econ (BNDOE 1983 1985 1980 Societe Minmere du Bou- Mines 12.99 2.38 1537 Gaffer (SOMIFER) 1982 C.menterie Nouveile Cement Production 29.30 2 10 31.40 1983 de Casablanca (GINOUCA) 1992 1985 Fruitiere Marocaine Agroindustry 7.58 - 7.58 de Transformation (FRUMAT) 1987 Credit Immobilier et Tourism 66.13 - 66.13 Hotelier (CIH) 1987 Settat Filature Textile Factory 3.50 1.61 5 11 (SETAFIL) 1989 .ompagnie Maritime Ferry Service 4.30 - 4.30 Maroco-Norvegienne (COMARIT) 1991 Cerame Afrique Ceramics 3.47 1,69 5.16 Industries (CAI) 1992/ Ciments du Maroc Cement 26.29 - 26.29 1994 (formerly CIMASFI) 1992 Sanque Commerciale de Banking 12.00 - 12.00 Maroc (8CM,) 1992 Banque Marocaine Banking 12.00 - 12.00 du Commerce Exterieur (BMCE) 1992 Credit du Maroc (COM) Banking 8.00 - 8.00 1992 Wafabank Banking 8.00 - 8.00 1993 International de Capital Markets - 4.1 4.10 Financement et de Participation (INTERFINA) Total gross commitments 236.07 14.56 250.63 Less cancellations. terminations, repayments. sales and exchange adjustments 66.55 4.58 71.11 Total commitments held by iFC 169.52 10.00 179.52 of which undisbursed 14.14 1.59 15.73 IFC net. Does not include participants from commercial banks  1, MOROCCO Moh.od.og C ENVL CEA) C 1 J_'K\>"n_ >B