AFSED loans Morocco $ 219.8 mln to fund development projects

Rabat - Morocco and the Arab Fund for Economic and Social Development (AFSED) signed, here Tuesday, three loan agreements of 1.767

Rabat - Morocco and the Arab Fund for Economic and Social Development (AFSED) signed, here Tuesday, three loan agreements of 1.767 billion Moroccan dirhams (219.8 US dollars) to finance projects in the sectors of motorways and water The first agreement will provide funds for the 199km-long Taza-Oujda section of the Fez-Oujda motorway, which is part of the Maghreb (Algeria, Libya, Mauritania, Morocco and Tunisia) motorway. The second provides for building a third lane in each side of the Casablanca-Rabat motorway. As for the third agreement, it provides for financing 52% of the total cost of the Zerrar dam project. The dam has an annual capacity of 18 million cubic meters, which enables to irrigate 15,000 hectares, prevent floods and meet the growing demand for drinking water in the province of Essaouira (centre of Morocco). The agreements were signed by the Finance Minister, Salaheddine Mezouar, the chairman of the AFSED board of directors, Abdullatif Youssef Al-Hamad. Mezouar voiced satisfaction with the 45-year co-operation relations between Morocco and AFSED. He underlined the special attention the fund gives to the development dynamic in the kingdom through projects financing in such important sectors as agriculture, irrigation and motorways. And Youssef Al-Hamad highlighted the progress achieved by Morocco in the economic and social fields despite challenges facing it, building on good governance and affective planning. Moroccos achievements are a source of pride in relation to countries that have important natural resources, he said. Morocco is the first beneficiary of AFSED loans, with a total of 3 billion dollars over 1974-2008.

Source: MAP

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