Optmization of Treasury

ACKOWLEDGMENT
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First and foremost, I have to thank my parents for their love and support throughout my life. Thank
you both for giving me strength to reach for the stars and chase my dreams. My sister, brothers,
and cousin Mohammed Chokri, deserve my wholehearted thanks as well.
I would like to sincerely thank my supervisor in the company Mr FENJIRO Issam (Financial
Director and Administrator), for his teaching, guidance and support throughout this study, and
especially for his confidence in me. I would also like to thank Dr. GASSEMI Karim (my guru,
academic supervisor, and teacher) for showing me the right path to make true this project,
especially for following each step of making this project true and correcting my methodology of
working. His and Mr. FENJIRO’s comments and questions were very beneficial in my completion
of the manuscript and especially at the interview time. I learned from their insight a lot. To my
supervisor Mrs. ALAOUI Amal, I was grateful for the discussion and interpretation of some results
presented in this research. Also, I would like to thank my guru, Mrs. GHAZALI Mbarka, I express
my heartfelt gratefulness for her guide and support that I believed I learned from the best. Thanks
to Mr. EL MANAR Mohammed for being helpful through the internship, thanks to Mr. BENNANI
Fahd for allowing me to have the freedom inside the company to express my needs of asking
questions and applying my knowledge.
To all my friends and classmates, to Youssef Zineddine (Ex laureate of ENCG Finance, and risk
manager at the COFACE company), thank you all for your understanding and encouragement in
my many, many moments of crisis. Your friendship makes my life a wonderful experience. I cannot
list all the names here, but you are always on my mind.
Thank you, ALLAH, for always being there for me, nothing of this would’ve been accomplished
without your guidance and help.
This research in only a beginning of my journey.
Finally, I would like to leave the remaining space in memory of my uncle Mehdi CHOUKRI, a
brilliant scholar, economic and father.
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