FOR IMMEDIATE RELEASE
WorId Bank
1818 H Street, N.W., Washington, D.C. 20433, U.S.A.
BANK NEWS RELEASE NO. 88/47                          Contact: Fawzi Rihane
(202) 473-2675
MOROCCO TO EXPAND POWER DISTRIBUTION NETWORK
WASHINGTON, February 18, 1988 -- Morocco will improve and expand its
electricity distribution system with the help of a $90 million World Bank loan.
The project will assist in rehabilitating, upgrading and expanding the
power facilities of the Office National de 1'Electricite (ONE), and five local
utilities or regies.
The project, an integral part of the investment programs of ONE and the
five participating regies, will be implemented during 1988-1994. It includes
technical assistance to help strengthen management, planning and technical
capabilities. About 90,000 new customers are expected to benefit from the
project.
The estimated cost of the project is $186.8 million, with the balance to
be provided by ONE ($74.4 million) and the regies ($22.4 million).
The World Bank loan is for 20 years, including five of grace, with a
variable interest rate, currently 7.72 percent, linked to the cost of the Bank's
borrowings. It carries an annual commitment charge of 0.75 percent on the
undisbursed balances.
NOTE: Money figures are in U.S. dollar equivalents.