Spanish investment Company, Compania Espanola de Financiacion del Desarrollo (Cofides), plans to invest 300 million Moroccan dirhams ($26 million) in Morocco in the year 2002. The majority of the funds will be injected into the North African state’s tourism sector, reported the BNA news agency.
Cofides, which backs development projects carried out by Spanish firms, has so far financed 20 Moroccan projects worth some $152 million in various sectors including pharmaceutical industries, textiles and agribusiness. A Cofides business delegation is currently visiting the Souss Massa region of southern Morocco, to explore investment opportunities in the fields of tourism, agriculture and fisheries.
Sponsored by the Spanish Government, Cofides’ main objective is to encourage Spanish companies to make productive investments in developing countries in order to contribute, on the grounds of profitability, both to the industrial development of such countries and the internationalization of Spanish businesses. — (menareport.com)
© 2002 Mena Report (www.menareport.com )