Morocco for sale

MOROCCO In a move expected to generate over US$700 million for the national budget, Morocco plans to privatise seven public companies in 2008, Aujourd’hui Le Maroc reported on Thursday. The revenue will be reportedly allocated to the Hassan II Economic and Social Development Fund and for strengthening the state budget. The privatisations include majority stakes in Société Nationale de Commercialisation de Semences (SONACOS), Complexe Textile de Fès (COTEF), Société Commerciale de Charbon et Bois (SOCOCHARBO), Briqueterie et Tuilerie Nord Africaine (BNTA), 50% of Société Cherifienne des Sels (SCS) and all of pharmaceutical laboratory Biopharma and Société de Sel de Mohammedia (SSM). Between 1993 and 2006 Morocco received more than US$10 billion through privatisation.