BNDE I (DFC)

closed

The purpose of the Banque Nationale Pour Le Developpement Economique (BNDE) Project is to increase BNDE's (the Central Bank of Morocco) share capital, thus enabling it to support a larger volume of debt and permitting it to handle a greater volume of business. BNDE's resources and its contribution to the private industrial sector have been limited. As of June 30, 1962, a single private utility company accounted for about half of BNDE's direct commitments and roughly one-fourth of its rediscounting business. BNDE plays an important role in the Moroccan economy. It is the only institutional source of long-term industrial capital and enjoys a monopoly for the discounting of medium-term credits for development issued by commercial banks and re-discountable at the Banque du Maroc. This restructuring and increase in capital will lead to greater emphasis on the promotion of private industrial investment. It also reflects BNDE's belief in the importance of making its investment decisions on the basis of sound economic and financial criteria.