Morocco - Fourth Agricultural Credit Project

Document of The World Bank FOR OMCIAL USE ONLY Report No. 5392 PROJECT COMPLETION REPORT KINGDOM OF MOROCCO FOURTH AGRICULTURAL CREDIT PROJECT (LOAN 1704-MOR) December 28, 1984 EMENA Regional Office This document has a restricted distribution and may be used by recipients ony in the performance of their oficial duties. Its cotents may not otherwise be disclosed without World Bank authorization.  CURRENCY EXCHANGE RATES Currency Unit = Dirhban (DH) Appraisal Year Average US$1.00 = DH 4.00 Intervening Year Average US$1.00 = DH 5.75 Completion Year Average US$1.00 = DH 7.50 WEIGHTS AND MEASURES Metric System ABBREVIATIONS BNDE National Developmerit Bank : Banque Nationale pour le Developpement Economioue CLCA Local Agricultural Credit Bank * Caisse Locale de Credit Agricole CNCA National Agricultural Credit Bank * Caisse Nationale de Credit Agricole CRCA: Regional Agricultural Credit Bank Caisse Regionale de Credit Agricole IFAD International Fund for Agricultural Deveopment - Fonds International pour le Developpe!ment Agriole KfW Kreditanstalt fir Wiederaufbau MARA Ministry of Agriculture and Agrarian Reform - Ministere de l'Agriculture et de la Reforme Agraire GOVERiNMENT OF THE KINGDOM OF MOROCCO FISCAL YEAR Calendar Year  FOR OmCIIAL USE ONLY lINGWOK OF NOROCC) FOUlRTH AGRICLTURAL CREDIT PROJECT (IOAN 1704-NOR) PROJECr ODHPLETION REPORT Table of Contents Page PREFACE ....................................... .......... i BASIC DATA SHEET ..ii HIGELIGHTS ..iii 1. INTRODUCTION .. Background . Bank financed agricultural credit projects .I II. PROJECT PREPARATION AND APPRAISAL. 2 Project appraisal, negotiations and effectiveness 2 Project design and objectives. 2 III. PROJECT IMPLEMENTATION .3 Project execution ................._ 3 Project costs. 3 Disbursements. 5 Financial performance. 5 Institutional Development. 6 IV. ECONOMIC RE-EVALUATION. 7 V. CDNCLUSIONS. 7 ANNEX I : Comparison of appraisal and actual cost distribution by category of subborrower ANNEX 2 : Comparison of appraisal and actual cost distribution by investment category ANNEX 3: Comparative balance sheets: 1979-1983 ANNEX 4: Comparative income statements: 1979 - 1983 Table 1: Disbursement Profiles Appendix 1: Comments from CNCA Appendix 2: Comments from KfW J 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 without World Bank authorization.  - i - MOROCCO FOURTH AGRICWLTURAL CREDIr PROJECT DOAN 1704-M0R PROJECT COMPLETION REPORT PREFACE This is the Project Completion Report (PCa) for the Fourth Agricultural Credit Project for which Loan 1704-NOR was approved in May 1979 for the sum of USt70 million. The Project was cofinanced by KFW (USS50 million) and IFAD (USt25 million). The loan was closed with an eight month delay due in part to the 1980-81 drought which curtailed investment and credit recovery and the fast appreciation of the US dollar which slowed down loan disbursements vis-b-vis C(CA disbursements. This PCR was prepared by the EXENA Projects Department, Agriculture II Division in June 1984. The PCR was prepared on the basis of information available in the Department and made available by Caisse Nationale de Credit Agricole of Morocco. The main sources of information were: Appraisal Report No 2426 MOR dated April 30, 1979, Supervision reports, correspondence with the Borrower and internal Bank memoranda as contained in the EMENA Information Center. The PCR was received by OED on June 11, 1984. The PCR was not selected for audit by OED. The draft completion report was sent to the Borrower and cofinanciers for comments on September 4, 1984. Comments which were received have been taken into account in the report and are reproduced as Appendices 1 and 2.  - ii - rr am -EOR BASIC IMa r UY P m jiect DAM A i Aml o A2u1 a Z of Piojet cot5 (MINifl 2.%8. 2,896.0 98 Lain mi (Uv 1i 70.0 70m0o (u$t mua MEW 50.0 50.0 1D0 IFAD 25.0 25.0 0DO Date 3omd apiv.aal 05122/79 Date effDeciese 08/05/79 1205/79 Clksiz d.e 12/31/8! 08/31183 a