Announcement of World Bank Lends Forty-Five Million Dollars to Develop Industrial Enterprises in Morocco on May 23, 1977

-World Bank 18'18 H Street, N.W., Washington, D.C. 20433, U.S.A. • Telephone: (202) 393-6360 BANK NEWS RELEASE NO. 77/108 MAY 23, 1977 WORLD BANK LENDS $45 MILLION TO DEVELOP INDUSTRIAL ENTERPRISES IN MOROCCO The World Bank approved the e~ghth loan to the Banque Nationale pour le Developpement Economique for $45 million to he!p finance industrial development. Up to $5 million will be used for a small-scale industry pilot scheme located in three selected representative urb.~m areas, and will be • limited to mechanical and electrical manufacturing, textiles and leather, and food production. The scheme will assist Government efforts to increase employment by providing the necessary experience to develop larger small- scale industry projects throughout the country. The Bank loan to the Banque Nationale pour le Developpement Economique (B.P. 407, Rabat, Morocco) will have the guarantee of the Government of Morocco. Amortization would conform substantially to the aggregate amortization schedules applicable to sub-projects with a maximum period of 15 years, including an appropriate grace period. NOTE: Money figures are expressed in US dollar equivalents • •