Global Arab Network | Barclays Capital, HSBC & Natixis - Morocco to issue 0 Mln Eurobond

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Barclays Capital, HSBC & Natixis - Morocco to issue $500 Mln Eurobond

Sunday, 18 April 2010 21:34

The Moroccan finance ministry said that it is planning to issue in the coming weeks a $ 500 million eurobond on the international financial market.

Barclays Capital, HSBC & Natixis have been picked by Morocco to raise the fund, a press release of the ministry said, recalling that a similar operation was launched in 2007.

The move came after Standard & Poor's (S&P) has raised Morocco's long and short-term foreign currency sovereign credit ratings to BBB- and A-3.

The Kingdom has been ranked in the "Investment grade" category, which acknowledges the achievements made by Morocco in various areas, Moroccan Finance Minister, Salaheddine Mezouar, has said lately.

Morocco is the 15th sovereign to have its foreign currency debt raised to this grade. The S&P upgrade of Morocco's economic performance would make it possible for the Kingdom to obtain better financing conditions on the financial market.

On the other hand, the French Development Agency (AFD) gave Morocco two loans for a total sum of 37 million Euros in addition to a one million-euro grant to finance drinking water projects in the eastern city of Oujda and to upgrade the fisheries sector.

The first loan, worth 10 million Euros was granted to the regional water and electricity authority in the city of Oujda to upgrade the drinking water network in the city, said a statement by the agency.

The AFD granted a 28 million- loan Euros (including a loan of 27 million Euros and a grant of one million) to the National Office of Fisheries (ONP) to carry out upgrading projects of its infrastructure and equipment. (MAP)

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