Virtual Magazine of Morocco on the Web
Morocco Week in Review 
February 12 2005

US administration requests US$ 62.8 million for financial cooperation with Morocco.
Combating poverty not only financial problem, but also strategic, Minister.
World Bank To Support Government Of Morocco In Reform Of Basic Education.
1,200 young women to learn culinary arts.
Basic education soon universal in Morocco.
"Air Quality" Programme to go Ahead in Morocco.
Water dam storage for agricultural use reaches 7 bln cubic meters.
AfDB lends Morocco $553 mln for water, reforms.
Aïcha Ech-Channa awarded
Fez association launches short story writing competition.
Children and youth books in Morocco not based on psychological studies.
Renewable energy in Morocco: Wind to power Lafarge cement works in Morocco.
Japan to finance road maintenance project in Morocco 
Casablanca International Marathon on March 13.
Motorola funds a mobile application development project in INPT Rabat, Feb. 4
Morocco, France to promote textile sector
Official launching of tourism observatory
Prince Moulay Rachid Dedicates Casablanca book fair
AMDH to hold hearing on past human rights violations
King Mohammed launches construction of handicapped children center in Agadir
Young Arab Leaders expands its operations in Morocco
IFC LAUNCHES DIRHAM BOND ISSUE IN MOROCCO

US administration requests US$ 62.8 million for financial cooperation with Morocco.
Washington, Feb.8

The US administration has requested in its 2006 draft project, submitted Monday to the Congress, US$ 62.8 million for cooperation with Morocco. The budget proposed to earmark US$ 35 million under the economic support fund, compared to US$ 20 million under the 2005 budget. The money will finance programs of micro-loans, job-creation, housing, education, basic health and rural development. The US government is also asking for US$ 6 million in assistance for development.

Morocco will benefit from other amounts allocated for other development agencies and institutions, such as the Millennium challenge account, to which Morocco was made eligible and for which the US administration is trying to obtain US$ 3 billion, and the Middle East-US Partnership Initiative for which US$ 120 million has been requested to help countries of the region in the political, education, economy and women sectors.The budget proposed US$ 33.6 billion for the US agency of international development (USAID) and other state department agencies.
http://www.map.co.ma/mapeng/news/general/gen_0019.htm 
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Combating poverty not only financial problem, but also strategic, Minister.
United Nations (New York), Feb. 11

Combating poverty is not only a financial, but also a problem of strategy, said, here Wednesday, Moroccan minister of Social Development, Family and Solidarity, Abderrahim Harouchi. The Moroccan official was speaking at a round table about eradicating poverty organized at the UN. He stressed the need to set up a multi-dimensional strategy to attenuate poverty, as this phenomenon requires an integrated strategy adaptable to each context.

Harouchi who is taking part in the 43rd session of the UN commission for Social Development, also presented Morocco's strategy in the social field, and the results of a study on qualitative and quantitative measures of poverty and social exclusion in five countries, including Morocco, carried out by an Italian organism for research and training in the social field.

During his stay in New York, Harouchi visit met with a number of officials including the Executive Secretary of the Economic Commission for Africa, who invited him to participate in an African conference on eradicating poverty, due to take place in Cairo, and in a meeting on "Youth, Poverty and AIDS", to be organized in Morocco in April 2005, as well as in a conference of African ministers in Abuja (Nigeria) to discuss the issues of "Poverty, Unemployment and Youth".

At a separate meeting with high-ranking World Bank officials, Harouchi called for the Bank's technical support in collecting and disseminating successful experiences worldwide to better alleviate poverty, promote income-generating activities and enhance micro-financing especially in rural areas. For their part, WB officials praised the importance of the Moroccan strategy, especially its territorial aspect, and expressed their willingness to examine possibilities to help implement this strategy http://www.map.co.ma/mapeng/eng.htm 
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World Bank To Support Government Of Morocco In Reform Of Basic Education.
WASHINGTON, February 8, 2005

The World Bank's Board of Directors approved today a US$80 million loan to support a Basic Education Reform Support Program, also known as PARSEM, in the Kingdom of Morocco. PARSEM aims to increase access to basic education, improving educational quality, encourage stakeholder participation, ensure financial sustainability, and promote accountability in sector management.

Morocco faced a period of economic stagnation since the late 1990s due to extreme drought which placed a strain on its predominantly agricultural economy. Despite the economic difficulties during this period, Morocco achieved remarkable progress in developing its education system. Education was extended to almost all children at the primary level. The national enrollment rate for primary education increased from 52 percent during the
1990-1991 school year to 92 percent during the 2003-2004 school year.

Enrollment in the middle school level increased from 18 percent to 32 percent, and in secondary education from 6 percent to 15 percent over the same period.

The formal education system in Morocco, however, faces many challenges today. Internal inefficiency is high, as evidenced by high drop-out and repetition rates. Gender and geographical disparities still exist at all education levels. Morocco also faces a rapidly increasing demand for middle schools, as a result of increased access to primary education. With government spending on education already high at 6.6 percent of GDP, opportunities to expand the budget are limited.

PARSEM addresses these challenges by supporting Government efforts to boost the quality of basic education for all children ages six to fourteen in a financially sustainable manner. The actions to be supported by PARSEM are threefold : (i) generalize access to basic education, to most school-age children by 2008; (ii) improve the quality of education through reducing dropout and repetition rates and improving students learning; (iii) build institutional capacity, reinforcing institutional capacity in association with the sector's decentralization process at the central, regional, provincial and local levels. The project falls in line with the Country Assistance Strategy (CAS) for Morocco which spells out education sector reform and decentralization as one of the key priorities for fighting poverty in the Kingdom.
News Release No:2005/324/MENA Contacts:In Rabat Najat Yamouri (212-37) 63 60 50 nyamouri@worldbank.org   In Washington Sereen Juma 1 (202) 473-7199 Sjuma@worldbank.org  
http://web.worldbank.org/WBSITE/EXTERNAL/NEWS/0,,contentMDK:20347398~menuPK:34463~pagePK:64003015~piPK:64003012~theSitePK:4607,00.html
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1,200 young women to learn culinary arts.

More than 1,200 young women will benefit from training in culinary arts this year, following an agreement between the Secretariat of State in charge of Youth and the Moroccan Training and Conditioning Society (SOMAFACO). This training should benefit to young women living in women's residences and professional training centres in Casablanca, El Jadida, Settat, Ben Slimane, Rabat, Salé, Tiflet, Khémisset and Tanger, said a communiqué from the Secretary of State in Charge of Youth. This agreement should lead to the training of professors belonging to the State Secretariat in the area of culinary arts.

It also comes as a continuation of the same project, which made it possible to train more than 1,200 young women in 2003-2004.The long term purpose of this project is to encourage the participants to create revenue generating projects in culinary arts and restaurants as well as create training networks.The State Secretariat in Charge of Youth owns a network of 283 women's residences and professional training centres throughout Morocco.
http://www.moroccotimes.com/news/article.asp?id=3453 
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Basic education soon universal in Morocco.
afrol News 8 February

In little more than a decade, Morocco has moved from only enrolling about half its children to primary school to reach almost universal school enrolment. Also enrolment in secondary schools is sharply rising and the government plans further reforms to increase access to education. Morocco faced a period of economic stagnation in the late 1990s due to extreme drought which placed a strain on its predominantly agricultural economy. Despite the economic difficulties during this period, Morocco achieved remarkable progress in developing its education system.

Education was extended to almost all children at the primary level. The national enrolment rate for primary education increased from 52 percent during the 1990-1991 school year to an impressive 92 percent during the 2003-2004 school year. Enrolment in the middle school level increased from 18 percent to 32 percent, and in secondary education from 6 percent to 15 percent over the same period. Morocco is thus finally catching up with its neighbours in the Maghreb region, which for years have had significantly higher school enrolment rates.

The formal education system in Morocco is however still facing many challenges today. According to government analyses, internal inefficiency is high, as evidenced by high drop-out and repetition rates. Gender and geographical disparities still exist at all education levels. Morocco also faces a rapidly increasing demand for middle schools, as a result of increased access to primary education. With government spending on education already high at 6.6 percent of GDP, opportunities to expand the budget have so far been found to be limited.

A new Basic Education Reform Support Programme, also known as PARSEM, is however set to consolidate the achievements made so far and further increase access to basic education in the kingdom. PARSEM also aims to "improve educational quality, encourage stakeholder participation, ensure financial sustainability and promote accountability in sector management." Especially school children aged six to fourteen are targeted.

These aims are mostly due to be reached by decentralising the educational sector at the central, regional, provincial and local levels. Parallel to the decentralisation process, authorities plan to reinforce and build institutional capacity. By 2008, Morocco hopes to significantly improve the quality of education through reducing dropout and repetition rate and to generalise access to basic education to most school-age children.

Also the funding of the PARSEM reform programme has been resolved. Today, the World Bank approved a US$ 80 million loan to support the reform. According to the World Bank, this was in line with the belief that education sector reform and decentralisation is "one of the key priorities for fighting poverty in the kingdom."
http://www.afrol.com/articles/15565 
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"Air Quality" Programme to go Ahead in Morocco.
07/02/2005

The King Mohammed VI Association for Environment Protection will soon introduce a new initiative called "Air Quality" aimed at promoting the environment in Morocco through education, training and public awareness. "Air Quality," which costs 18m dirhams, requires efforts by the entire Moroccan community. The programme consists of building two stations and a mobile laboratory to check vehicle emissions, as cars and trucks contribute to 65 per cent of air pollution in cities.
http://www.magharebia.com/cocoon/awi/xhtml1/en_GB/homepage/ 
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Water dam storage for agricultural use reaches 7 bln cubic meters.
Rabat, Feb. 9

Water storage in dams for agricultural use reached, up to 4 February 2005, about 7 billion cubic meters, compared to 8.4 billion cubic meters in the same period last year, noted a release of the Ministry of Agriculture, Rural Development and Fisheries. Dam fill fraction attained 53% up to February 4, while it had reached 64% in the same period of last year, pointed out the same source. At the regional level, fill fraction is up to 79% in irrigated areas of Haouz (Southwest), while it plummeted to less than 39% in the region of Ouarzazate (central south).
http://www.map.co.ma/mapeng/home_dep/spor3005.htm 
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AfDB lends Morocco $553 mln for water, reforms.
Mon February 7, 2005 6:44 PM GMT+02:00 RABAT (Reuters)

The African Development Bank (AfDB) on Monday granted Morocco loans totalling 430 million euros to finance projects of reforms and drinking water, a senior government official said. "Visiting AfDB President Omar Kabbaj and Moroccan Finance and Privatisation Minister Fathallah Oualalou signed today (Monday) in Rabat the accords for the loans," the official said. Under these accords, 240 million euros are to help the state to liberalise, restructure and boost the competitiveness of the air, road and rail transport, he said.

A second loan, worth 121 million euros, will help the government's drive to reform and trim its underproductive yet overstaffed public administration, which costs it up to 14 percent of the country's Gross Domestic Product (GDP). Morocco will need up to 4.5 billion dirhams to fund a voluntary early retirement scheme launched this year which targets 30,000 of more than 450,000 public sector workers.

The last loan, of 66.5 million euros, will bring drinking water to inhabitants of rural areas, where 45 percent of the population lives. Drinking water reaches only 60 percent of countryside inhabitants against a national average 82 percent, said Ali Fassi Fihri, head of state water utility ONEP. "This loan will help us cover 70 percent of the rural population in 2005 and a targeted 90 percent in 2009," Fihri told Reuters. Since 1970, Morocco has borrowed a total $6.0 billion from the AfDB, more than 14 percent of which since January 2004 alone.
http://www.reuters.co.za/locales/c_newsArticle.jsp?type=businessNews&localeKey=en_ZA&storyID=7558274 
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Aïcha Ech-Channa awarded.
Aïcha Ech-Channa, the founder of the association "Solidarité Féminine," was awarded the "Elisabeth Norgall 2005" prize by the International Women's Club of Frankfurt, says a communiqué from the German embassy in Rabat. Ech-Channa has been pleading for the cause of women for more that three decades. In 1985 she founded the association "Solidarité Féminine" to give legal, economic and psychological help to single mothers, provide them with housing and employment and support their children.

The Elisabeth Norgall 2005 award is granted every year alternatively to a German woman and a foreign woman in recognition of their exceptional efforts to overcome the difficulties encountered by women and children. Ech-Channa was awarded this prize for her "impressive" personal commitment to women's rights said the club's communiqué, which added that the award ceremony will take place on March 9, in Frankfurt
http://www.moroccotimes.com/news/article.asp?id=3355 
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Fez association launches short story writing competition.

The "Créativité Féminine" association is organising this spring a short story writing competition.This competition, which was organised in the framework of the cultural and artistic activities of the association, aims at discovering young female talents living in the Fez area, and helping develop cultural life in the city.
The competition is open to young female artists whose works have not been published yet, whatever the language in which they write.Short stories must be between five and ten-pages long. Participants should send four typewritten copies before March 22, 2005.A literary commission composed, among others, of university professors, painters and writers will be in charge of the selection of the works.

The "Créativité Féminine" association, headed by the painter Khadija Tnana, was initially created in 1989 to work as a forum for women's creativity.
"Créativité Féminine" is composed of female members, many of which are university professors, and specialises in development projects in the areas of classical and modern art.
http://www.moroccotimes.com/news/article.asp?id=3450 
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Children and youth books in Morocco not based on psychological studies.

"Moroccan writers do not base their works for children and youth on psychological studies." This, according to Le Matin, was the conclusion of a conference that was recently organized in Rabat by the Moroccan ministry of culture. Although there are many publishing houses and supervising committees, the actual scientific research on the psychology and mentality of children is negligible. Consequently, 96% of the books and magazines directed for Moroccan children and youth are edited in the West, explained prominent writer, Larbi Benjelloun.
© 2005 Al Bawaba
http://www.albawaba.com/en/countries/Morocco/179968 
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Renewable energy in Morocco: Wind to power Lafarge cement works in Morocco.

A new cement works in northern Morocco will be powered by wind-generated electricity in a scheme linked to the Kyoto accord to reduce global warming, AFP quoted operators Lafarge as saying yesterday Thursday 10. Twelve wind turbines generating 10 megawatts will be built near the cement works at Tetouan, under an accord signed on Wednesday 09, by the French company's Morocco affiliate and France's global environment fund. A Lafarge official said the turbines would generate 40% of the electricity used by the plant at full capacity, avoiding the emission of 38,000 tonnes of greenhouse gas carbon dioxide (CO2) per year. Lafarge aims to cut such emissions by 20% worldwide by 2010. The 12 turbines, built on a mountain near Tetouan, will cost around EUR 9.9 million (USD 12.7 million), the company said.
http://www.moroccotimes.com/news/article.asp?id=3646 
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Japan to finance road maintenance project in Morocco 
Rabat, Feb. 7

Japan will help finance road maintenance in Morocco under an agreement concluded here Monday. The 382 million yens (3.2 million Euros) agreement, which was signed by Moroccan Minister of Equipment and Transports, Karim Ghellab, and Japanese ambassador to Morocco, Seigi Hinata, aims at upgrading the institute for training and road maintenance (IFEER), in Skhirat (about 30 km south of Rabat). Under this agreement, Japan will provide for training in the field of road maintenance, and the use of construction machinery and new technologies.

Ghellab praised this agreement, which he described as a "symbol of success" that will further consolidate relations. Thanks to the Japanese aid, 3445 persons have been trained up to December 2004, among which 100 sub-Saharan nationals, and 240 km in rural areas were paved, explained Ghellab. The Moroccan official also recalled that Morocco has launched a program of constructing 15,000 km in ten years at a rate of 1,500 km per year. The global assistance offered to the transport and equipment ministry is 58.748 billion yens (441 million Euro) of which 5.382 billion yens (4.04 million Euros) are donated, while the rest is given under the form of loans to fund the construction of roads, highways, and railways
http://www.map.co.ma/mapeng/news/economy/soc-Chad.htm 
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Casablanca International Marathon on March 13.
Casablanca, Feb.11

Casablanca will hold its 8th International Marathon on March 13 under the auspices of HM King Mohammed VI. 15,000 runners, including 20 of the world and Moroccan best will take part in this edition. According to the sports Association of road races and marathons, organiser of this event, many runners from various countries such as Kenya, Ethiopia, Tanzania, Italy, Russia, the USA, France and Ukraine will be present on the starting point of the marathon at Ain Diab Corniche.

The marathon will cross the main avenues of Anfa prefecture through 42.195 km equipped with eight points for drinks and mopping tissues. A 16 km race is on the menu of this event that will drop the curtains with a medal awarding ceremony. Some 14,000 competitors, numbering 13 top runners participated in The 7th edition of the Casablanca Marathon.
http://www.map.co.ma/mapeng/eng.htm 
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Motorola funds a mobile application development project in INPT Rabat, Feb. 4

Motorola Foundation donated, here Friday, 20,000 $ to the national institute of communications (INPT) for the launching of a mobile application development project. The donation, which covers 30% of the global cost of the project is the first that Motorola Foundation grants to Morocco.The project, part of a partnership convention between INPT and Motorola Maroc, aims to improve engineers's skills in some applications and to create a Master's degree in this field, to finally launch a PhD program.

INPT has recently signed a cooperation agreement with the group "Thales defence" for the setting up of an underwater positioning system which will reinforce Morocco's participation in the "Galileo" program. Motorola's role as pioneer in mobile communications is well-known. Originally founded as the Galvin Manufacturing Corporation in 1928, Motorola has come a long way since introducing its first product, the battery eliminator. For more than 75 years, Motorola has proven itself a global leader in wireless, broadband and automotive communications technologies and embedded electronic products.
http://www.map.co.ma/mapeng/eng.htm 
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Morocco, France to promote textile sector
Rabat, Feb.11

France and Morocco called for developing their cooperation in the textile sector to adapt to globalisation and face competition through "a strategic euro-Mediterranean partnership". During a two-day meeting between French and Moroccan textile industrialists, opened here Thursday, chairman of the Union of Textile Industry (UIT), Guillaume Sarkozy called Moroccan and French to materialise their cooperation to prospect and gain other markets, face the Asian competition, adapt to globalisation and increase the added value.

European companies are more than ever motivated to invest in Morocco especially after its FTA with the USA since these companies will benefit from tax-free exports to the USA, pointed out Sarkozy, who is heading the French industrialists group. He said that the means to face the Asian competition, which "does not always respect WTO standards", is to provide high quality products, to study world markets and meet clients needs.

The liberalisation of the textile sector has created a fierce competition especially from Asian countries, said Karim Abdelaziz Tazi, chairman of the Moroccan Association of the Textile and Clothing Sectors (AMITH), adding that AMITH has found that a strategic partnership with the EU is the key word to face this "unfair competition". Moroccan Textile industrials worry about the impact of the sector liberalisation, but this is normal at a this phase of transition, said Minister of Industry, Trade and Economy Upgrading, Sallah Eddine Mezouar.

The Moroccan government has taken a series of measures to make the textile sector more competitive and be up to the strategic partnership with the EU and especially with France. It's a qualitative partnership through which we will set up new manufacturing units, share technologies and know-how and diversify our products, Mezouar said.
http://www.map.co.ma/mapeng/eng.htm 
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Official launching of tourism observatory.
Rabat, Feb.9

The Tourism Observatory was officially launched, here Wednesday and Fouad Chraïbi was appointed president for a 3-year term, says the Ministry of Tourism, Handicraft and Social Economy. The observatory, sponsored by the tourism ministry and the national tourism federation (FNT), held its constitutive general assembly and ratified its by-laws and appointed the 16 members of its Board of Trustees, says the release.

The Observatory, set up by the 5th tourism convention held in Ouarzazate, last January 13, was assigned the task of publishing information relating to tourism investment and all information likely to provide tourism operators with a clear idea about the tourism sector in Morocco. For its part, the tourism ministry promised to involve its human, technical and financial resources in conducting the preliminary studies and drafting the management chart programmed by the 2005 action plan. Besides the contribution of the tourism ministry, the Observatory is called to diversify its financial resources in order to acquire sufficient autonomy to launch new projects.
http://www.map.co.ma/mapeng/home_dep/h_dep22.htm 
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Prince Moulay Rachid Dedicates Casablanca book fair.
Casablanca, Feb 11

Prince Moulay Rachid dedicated, here Thursday, the 11th edition of the International fair of edition and books (SIEL) in which 650 exhibitors from 55 countries including Spain, this year's "guest of honour", are participating. The Prince (younger brother of HM King Mohammed VI) visited various stands including those of Saudi Arabia, Belgium and Spain.

The 11th International Book Fair (SIEL), held under the patronage of the monarch, is to wind up on February 20 and is regarded as a meeting point for a larger number of participants and countries, compared to previous years. Workshops, shows, conventions, art expositions and debates are also scheduled during this fair that will pay homage to renown Moroccan and Spanish writers including Ahmed Sefrioui, Driss Chraïbi, Abdellatif Laâbi and Juan Goytisolo. The fair, according to organizers, aim at developing exchange, dialogue and co-operation between Moroccan and foreign professionals and also at encouraging the culture of reading among Moroccans http://www.map.co.ma/mapeng/home_dep/forum9.htm 
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AMDH to hold hearing on past human rights violations.
Rabat, Feb 10

The Moroccan association for human rights (AMDH) is holding here on Saturday a hearing of testimonies on past violations of human rights in Morocco. The public hearing, called « Unrestricted Testimonies for Truth », is part of AMDH activities scheduled as of February 12 to wind up in a mock trial of those responsible for past human rights breaches, a communiqué of the association, sent Wednesday to the Moroccan news agency MAP, said.

The association welcomes attendance to its activities of all democratic forces and the citizens to show solidarity with the victims of the violations and reaffirm the need to settle the dossier. The justice and reconciliation commission (IER), in charge of shedding light on past violations that occurred in Morocco between 1956 to 1999, started last December a series of public hearings on human rights breaches in several Moroccan towns, including Rabat, Figuig, Errachidia and Khenifra. http://www.map.co.ma/mapeng/eng.htm 
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Architects' net monthly revenue beneath 500 Euros, official
Rabat, Feb.8

The conditions of the Moroccan architects is "far from being satisfactory", complained the Chairman of the National Council of Architects, Omar Farkhani, deploring that their monthly net revenues barely reach 5,000 MAD, 500 Euros. He pointed out that only 2.7% architect agencies make a 2 mln MAD turnover per annum. Farkhani who was speaking in an interview with "Aujourd'hui le Maroc" daily, ascribed the degradation of the situation to the withdrawal of the State from the sector, which provided the opportunity for big promoters to control the real estate sector. The architects' representative deems it necessary to cooperate with international bodies to remedy the situation, calling the government to legally empower the Council to fully play its role as regulator of the architectural field.
http://www.map.co.ma/mapeng/eng.htm 
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King Mohammed launches construction of handicapped children center in Agadir. 
Local, 2/8/2005 

Morocco's King Mohammed VI launched this Monday construction works of a center for handicapped children in the southern Atlantic city of Agadir. The project, financed by the general mutual insurance of public administrations personnel, will be made of a pavilion for mentally handicapped children and another for children suffering from physical disabilities.In addition to medical rehabilitation wards (speech therapy, motor disabilities), the center also includes study, health consultation and administrative facilities. A budget of 11.6 million DH, including 7.5 million DH for construction and 2.05 million DH for the purchase of equipment, was earmarked for the center to extend over 4,456 square meters.
http://www.arabicnews.com/ansub/Daily/Day/050208/2005020825.html 
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Young Arab Leaders expands its operations in Morocco.
Sunday, February 6, 2005

Young Arab Leaders (YAL) has initiated its operations in Morocco. This was announced after a meeting held to highlight the objectives of YAL and form a YAL Executive Committee in Morocco. The meeting was attended by Mohammed Al Gergawi, Chairman of the Young Arab Leaders Executive Committee and a number of officials and young leaders in Morocco. Habib Ghawi, a member of the Executive Committee said, "This meeting is part of a series of meetings and seminars YAL intends to hold in order to expand its operations in Arab countries." He added, "YAL is currently working on raising the awareness of Arab youth and help them overcome the challenges that the region is facing. The meeting resulted in the formation of the Executive Committee in Morocco which will supervise the operations and programmes of YAL in Morocco."

The meeting resulted in the formation of the YAL executive committee in Morocco, which will be headed by Essakl Lemghari, Director General, SABR Management. The utmost important mission of YAL is to identify, nurture and promote future Arab leaders in all sectors of society. In order to do so, the organisation has identified the need of mentorship coming from young, successful, Arab leaders functioning as role models for the younger generation. Hence, Young Arab Leaders actively seeks members who are committed to share the knowledge they have gained from their own unique and successful experiences. Young Arab Leaders includes business leaders, government officials, sportspeople, civil society leaders, journalists, musicians, artists, authors and academics.
http://www.strategiy.com/inews.asp?id=20050206024807 
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IFC LAUNCHES DIRHAM BOND ISSUE IN MOROCCO.
Feb. 05 2005

This transaction will further develop the Moroccan capital markets and will provide a benchmark for future high-grade issuers. This transaction is the first bond offering by an international institution in MAD, and represents the first domestic bond offering by a supranational in Africa and the Middle East. The transaction has been listed on the Casablanca Stock Exchange (CSE) and was distributed using a Dutch auction system. The 7 year bonds carry a coupon of 4.54% and were distributed to more than 20 investors, including insurance companies, mutual funds, and pension funds. The lead manager is Banque Marocaine pour le Commerce et l'Industrie (BMCI), the co-lead managers are Attijariwafa Bank and Caisse de Depot et de Gestion (CDG) and several other domestic banks acted as selling members of the syndicate. BNP Paribas acted as financial advisor to IFC on the transaction.

Mr. Fathallah Oualalou, Minister of Finance and Privatization said "I am very pleased by the successful completion, under excellent market conditions, of IFC's Moroccan dirham bond issue. This highlights the maturity of the Moroccan financial market owing to structural reforms initiated over the past few years. This transaction emphasizes IFC's renewed confidence in the Moroccan economy and its outlook, which paves the way for even a stronger support by IFC to the development of Morocco's private sector." In coordination with the Ministry of Finance, it has been decided that the market in which domestic bonds are issued by foreign entities in Morocco will be know as the "Atlas" market.

This "Atlas" bond issue is part of IFC's continued support to Morocco. "Given IFC's focus on the private sector, the development of the domestic market is a priority in order to give clients better access to local currency financing, especially in longer term maturities" said Nina Shapiro, IFC's Vice President Finance and Treasurer.

"During the last two years, IFC has been working closely with the Moroccan authorities to prepare for this transaction. We are pleased that this transaction has come to fruition so smoothly, and are pleasantly surprised with the placement with over 20 institutional investors" said John Groesbeek, Senior Financial Officer.

IFC has been providing technical assistance to the government and the private sector in Morocco, to help shape a more efficient financial sector. A more effective capital market will also support Morocco's efforts to develop a corporate governance culture that will enhance investor confidence.

This transaction fits IFC's strategy of developing domestic capital markets worldwide. Recently, IFC was also the first domestic issuers in the Malaysian Islamic bond market, the Peruvian Soles bond market and the Colombian Peso bond market. By doing these transactions, IFC is helping the development of domestic markets in order to give better access to long term financing for local companies. These operations also establish IFC's credit in the local markets, thus creating the framework to follow with structured transactions.
http://www.harolddoan.com/modules.php?name=News&file=article&sid=693 
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