May 12 2006 |
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Moroccan Investors Establish a $22.2 Million Regional Investment Fund
Beirut (APD) - Moroccan investors established a $22.2 million regional investment fund for the Sous-Massa-Drâa (SMD) region in southern Morocco, the London-based Asharq Al Awsat daily reported Friday."This is a 10-year investment regional fund. We expect its capital to go up to $55.6 million and to be closed in three years," said Aziz Akhnosh, head of the Sous-Massa-Drâa (SMD) Council, in a press conference in Casablanca on Tuesday.
The fund's capital is open to subscriptions by financial and investment institutions, the newspaper said.
The fund's founders are the Casablanca-based Attijariwafa Bank, the agricultural investment fund Crédit Agricole du Maroc, Banque Centrale Populaire, Caisse de Dépôt et de Gestion, and the privately owned Groupe Holmarcom , a utilities and services group.
The fund will finance10% to 30% of the projects in its portfolio, participating with a minimum of $0.23 million and a maximum of $3.5 million. [TS]
By Mirna Sleiman, APD Staff Writer in Beirut
© APD (Arab Press Digest) 2006
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