Japan extends $ 110 million loan to Morocco
Morocco-Japan, Economics, 6/9/2000

Japan has extended Morocco a $ 110 Million loan (11,359 Billion Yen) destined to finance infrastructure projects.

The amount will finance a drinking water supply project in the region of the Atlantic southern city of Agadir, to be carried out by the drinking water company (ONEP/state-owned) and a railway project to double the track line between the cities of Fez and Meknes (some 170 Km to the north-east of Rabat) to be conducted by the railway company (ONCF/state-owned).

The loan will be paid back over 30 years with a ten-year grace period at a 1.7 % interest rate for the ONEP and 2.2 % for the ONCF.

The loan agreement was signed by Moroccan minister of economy and finance, Fathallah Oualalou, and Japan's ambassador to Rabat, Hiromi Sato, who announced on the occasion that Japan would shortly donate Morocco water tanks.

He added that Japanese experts have been dispatched to Morocco to conduct studies throughout the kingdom on the possibility to construct new middle-sized dams. Other studies on water supply to rural populations in southern and eastern Morocco are also projected, he said.

Japan's financial contribution to Moroccan projects, through the Japanese Bank for International Cooperation amounts to nearly 120 billion yen ($ 1.17 billion).

Previous Stories:
  Japanese volunteers contribute to socio-economic development in Morocco   (5/17/2000)
  Japan loans Morocco $70 million for two projects   (4/18/2000)
  Japan loans Morocco's water company 5.4 million yens   (3/25/2000)

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