VOL. XLII

No. 17

26-April-1999

MOROCCO

EIB Award Morocco Euro30Mn For Port

The European Investment Bank (EIB) announced on 15 Aprilthat it had agreed to advance a loan of euro 30mn ($32mn) to Moroccos OfficedExploitation des Ports (ODEP) for the modernization of the countrys portinfrastructure. ODEP is responsible for Moroccos entire port infrastructureand handles some 48mn tons/year 98% of the countrys foreign trade. Thefacility carries a 14-year tenor and a 4-year grace period.