King Mohammed meets African development bank chief
Morocco, Economics, 2/12/2000

King Mohammed VI received on Thursday in Marrakesh Omar Kabbaj, chairman of the Abidjan-based African Development Bank.

The African Development Bank (ADB), is Morocco's second fund donor after the World Bank and contributes to the kingdom's economic and social programs through actions meant to increase investments, develop human resources and promote structural reforms geared to upgrading enterprise competitiveness.

Morocco is one of the largest shareholders and customers of the Bank as it holds 3.7 % of the bank capital and obtained 10.7% of the cumulated financial commitments in Africa.

Loan commitments were estimated by end 1998 at some $ 3.8 Billion. Out of this amount, almost one forth went to agriculture and food security while 30 % of the Bank's funds went to infrastructure projects (water, electricity, roads and others) and some $ 980 million were earmarked to support reforms and programs to restructure macro-economy and finance.

The bank has also granted the Moroccan industrial and banking sectors loans accounting for 9 % of the cumulated financial commitments and earmarked $ 310 million to finance social projects, mainly in the field of rural education and health care.

The bank, which groups African countries and 23 countries from other continents, had initiated its restructuring few years ago and is now orienting its actions towards struggle against poverty, sustained development and the private sector promotion. The bank extends nearly $ 1.8 billion worth of loans per year.

Previous Stories:
  European investment bank's loans to Morocco totalled 263 million euros in 1999   (2/7/2000)
  Moroccan foreign debt worth $18 billion US   (10/27/1999)
  Morocco calls for new ABD approach in relations with African countries   (5/28/1999)
  African Development Bank, Morocco's second fund donor   (3/23/1999)

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