Meditel to invest MAD 4.2 billion in Morocco

Mergers, Acquisitions and Financial Results

Moroccan telecoms operator Meditel will invest MAD 4.2 billion over the next two years to keep up with market growth and introduce new services, Reuters reported on Wednesday.

The sum (MAD 4.2 billion) will help Meditel develop its data services and seize more of Morocco's promising Internet market, which has a relatively low national access rate of 1.7%. The investment will also allow the company to develop its GSM and 3G networks and compete with rival Maroc Telecom in mobile network coverage.

“This investment is a fundamental element in ensuring profitable and durable growth in an increasingly competitive sector”, said Meditel's Managing Director, Mohamed Elmandjra.

Meditel said it would cover MAD 3.28 billion of the investment from its own funds, and the rest will be paid by a group of Moroccan banks, including BMCE, Atijariwafabank, Banque Central Populaire, Credit Agricole du Maroc and BMCI.

Morocco Business News