Morocco's BMCE Bank looks to build on China ties to deliver $11 billion tech city [Reuters]
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Source: Reuters
Morocco's BMCE Bank looks to build on China ties to deliver $11 billion tech city RABAT (Reuters) - BMCE Bank is looking to build on its ties with China to help finance and develop a new industrial city in the north of Morocco, its president and chief executive told Reuters. BMCE, one of the north African country’s largest banks, is working with local authorities in a company charged with delivering the 2,000-hectare-plus new city over ten years. The city, to be called Tanger Tech Mohammed VI, aims to support 100,000 jobs and house 300,000 people, and the first development phase has already been achieved with industrial investors expected to receive the first plots later this year, BMCE Bank President and CEO Othman Benjelloun said via email. In April, the project company signed a memorandum of understanding with state-owned China Communications Construction Co (CCCC) and its subsidiary, China Road and Bridge Corp (CRBC), to develop the city. In terms of funding, BMCE aims to capital
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