PARIS, Sept 12 (Reuters) – Morocco’s state-run Office Cherifien des Phosphates (OCP) plans to raise 2 billion Moroccan dirhams ($242 million) in its first ever bond issue that may take place this year, an official said on Monday.
“OCP wants to diversify and optimise sources of financing for its 100 billion dirhams investment plan,” the official told Reuters by telephone.
The issue may take place this year, the official said.
It coincides with a shortage in domestic liquidity fuelled mostly by a the state’s growing reliance in recent years on domestic debt to fund projects, its efforts to widen access to housing for low-income households and a growing trade deficit.
(Reporting by Souhail Karam; Editing by David Cowell) ($1 = 8.240 Moroccan Dirhams)
