BNDE II (DFC)

closed

The proposed loan is estimated to cover BNDE's foreign exchange requirements for the two years 1966 and 1967. BNDE has already approved loans and investments of approximately $5 million more than can be covered from the first Bank loan. Of particular interest is the prospect that BNDE will use part of the proposed loan for financing the construction of hotels. The attractive opportunities inherent in Morocco's growing tourist industry are encouraging entrepreneurs to launch a considerable number of new ventures in this field. BNDE has been approached in connection with hotel projects, the total cost of which is estimated at more than DH 100 million. The foreign exchange requirements, part of which may be met by BNDE, have been estimated at more than DH 40 million ($8 million).