Moroccan government injects $5.4 million into Sucrafor
The Moroccan government recently announced it intends to increase the capital of the of state-owned Sucrafor sugar refinery to 108 million Moroccan dirhams ($9.3 million), in a bid to boost activities ahead of its planned restructuring and privatization.
Sucrafor’s capital currently stands at MD48.5 million. The MD60-million capital injection is scheduled to arrive in two phases, the first half in 2002 and the second in 2003. The company’s management team plans to use the government funds to up the plant’s production by 10 percent in 2002 and then by another five percent in 2003.
Founded in 1971 and located in the northern Nador region, Sucrafor currently processes 200,000 tons of sugar beet and 27,000 tons of white sugar annually. Morocco has five state-owned sugar refineries, operating a dozen sugar-processing facilities. The country’s total produce capacity totals 500,000 tons of white sugar per year, providing nearly half of Morocco's sugar consumption. — (menareport.com)
© 2002 Mena Report (www.menareport.com)