Morocco to Invest Over MAD 34 Billion in Highways

By Hajare El KhaldiRabat- On April 3 in Casablanca, Moroccan National Motorway Company (ADM) announced a MAD 3.4 billion investment plan for 2018At a press conference for a 2017 activities report, ADM’s general director, Anouar Benazzouz, explained that the MAD 3.4 billion investment will be dedicated to widening the Casablanca-Berrechid road as well as some of the company’s future projects. The completion of the Casablanca bypass that will require three years of work. In anticipation of “depreciation intervals” during 2018, 2019, and 2030, ADM plans to issue new bonds, which will amount to MAD 5.9 billion.Two bond debt exchanges were successfully conducted in 2017. The first took place in May and involved a transaction that amounted to MAD 2.5 billion, and was distributed in four fixed-rate subscription tranches. The operation closed with a subscription rate of 1.26 and a demand reach of MAD 3.15. The second reprofiling was carried out last October and involved a bond issue of MAD 800-1.2 million, which was then divided into three fixed-rate subscription tranches. This issue was closed with a subscription rate of 1.03 and a demand reach of MAD 1.235 million.Through these new issues, ADM exchanged a total of MAD 3.7 billion, making it possible to smooth out its debt schedule and significantly reduce (by 80 percent) the problematic 2018, 2019, and 2030 fiscal years. During the past year, the company carried out several investment projects which amounted to MAD 600 million, and mainly targeted the development and modernization of infrastructure and of electronic tolls.