MAD(Moroccan dirhams) 10.09 billion investment will be made by Maroc Telecom to upgrade Morocco’s broadband network, it said in a filing to the French stock market regulator. The company, which is 53 percent owned by French conglomerate Vivendi and 30 percent owned by the Moroccan government, will invest the amount between 2013 and 2015. Maroc Telecom said that it will also invest MAD 4 billion in other African countries where it operates, such as Mauritania, Burkina Faso, Gabon and Mali, over the same period. The firm has signed an agreement with the government to modernise and expand infrastructure to meet the growing needs of mobile traffic and broadband, including optical fibre.
The company will also invest 4 billion dirhams ($477 million) in other African countries where it has operations. These countries include Mauritania, Burkina Faso, Gabon and Mali over the same period.
Maroc Telecom had already invested 25 billion dirhams ($3 billion) in Morocco, it said in a statement to the French securities exchange.
The company made this announcement at the time when Etisalat ETEL.AD, the United Arab Emirates’ largest telecommunications operator, said it is interested in buying Vivendi’s 53 percent stake in Morocco’s Maroc Telecom.