MOROCCO: EIB funds industry clean-up
The European Investment Bank (EIB), the European Union's financing institution, is lending EUR 123 million for protection of Morocco's environment and modernising its industry.
EUR 100 million is going to the Office Chérifien des Phosphates (OCP) to upgrade its industrial facilities in Morocco. OCP, a State corporation which holds the monopoly for the mining, processing and marketing of Moroccan phosphate, is the world’s leading exporter of phosphate and phosphoric acid.
This loan is the largest EIB loan ever provided in Morocco. It will serve to finance OCP’s investment programme for the period 1999-2003, which is aimed at optimising production units at its two chemical plants in Safi and Jorf Lasfar, improving their reliability and reducing their environmental impact.
EUR 23 million is being advanced to the Régie Autonome Intercommunale de Distribution d’Eau et d’Ëlectricité de la Wilaya de Mekns (RADEM) to finance rehabilitation and extension of the sewage and stormwater system and construction of a sewage treatment plant for the town of Meknès, located 140 km from Rabat.
The works will be carried out by RADEM between now and 2003. They will help to improve the quality of life of 500 000 inhabitants, as well as providing them with a wastewater treatment and recycling system. They form part of the first phase (1999-2003) of a broader sewerage programme stretching ahead to the year 2020. The programme is designed to safeguard water resources and enhance Morocco’s attractiveness as a location for industrial and service activities, particularly tourism.
EUR 1 = 10.5605 MAD, 0.6663000 GBP.