Casablanca borrows 444 million dirhams to take back 350 buses from Alsa
Casablanca will take out a loan of nearly 444 million dirhams to acquire 350 buses currently held by Alsa Al Baida. A substantial portion of this sum will first be used to settle the operator’s related bank debt.
The Al Baida intermunicipal cooperation establishment, responsible for transport in the metropolitan area, approved this Tuesday during an extraordinary session the conclusion of a loan agreement with a banking institution. The operation will enable it to take back a fleet of 350 buses from Alsa Al Baida, the network’s delegated operator.
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In detail, 284 million dirhams will be allocated to settling the existing bank debt borne by Alsa Al Baida, while 160 million will cover the remaining amount for the acquisition of the fleet. The loan, totaling nearly 444 million dirhams, will have to be repaid in eight annual installments.
Alsa initially demanded 480 million dirhams
This operation is accompanied by a revision of the delegated management contract for Casablanca’s bus network. A second amendment was approved to settle several accumulated financial difficulties and adapt the contract to current and future operating conditions.
Negotiations with Alsa above all made it possible to significantly reduce another bill. The company’s initial financial claims amounted to 480 million dirhams. After discussions, the amount was reduced to 219.578 million dirhams.
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In return for this agreement, Alsa Al Baida undertook to definitively and irrevocably waive all of its previous financial claim. Casablanca is thus securing the takeover of the 350 buses while bringing an end to a financial dispute that initially concerned nearly half a billion dirhams.
