King Mohammed presides over signing of 39 conventions
Morocco, Economics, 9/12/2000

Morocco's King Mohammed VI presided in Agadir on Monday over the signing of 39 conventions for the implementation of projects set by the Hassan II Economic and Social Development Fund.

The conventions deal with low-cost housing, industrial and tourism areas creation, encouragement of textile and information technologies sectors, highway program, sea fisheries, water supply to rural areas, cultural and environment projects and other programs to back up micro-credit associations.

Investment conducted so far by the Hassan II stands at $ 1.6 billion.

Each program was the subject of a separate convention with a view to securing a sound technical and financial frame for the Fund-financed projects, the official spokesman of the Royal Palace, Hassan Aourid said on Monday.

Projects were chosen according to criteria set for eligibility to the Fund's financing, especially at the level of feasibility and economic and social profitability, he said, adding that the signed conventions seeks to set the rights and duties of the parties, namely the Prime Minister, as the official empowered to authorize expenditures, the heads of departments in charge of carrying out the projects endorsed. In this connection, a time-table was set for the implementation of the projects as well as modalities for their financing and procedures for the recovery, if need be, of the Fund's contributions.

The conventions also seek to ensure a permanent follow-up of the projects implementation in order to remedy any possible flaws.

The conventions will give a new impetus to investment workshops that will have a positive impact on employment and economic and social take off, guaranteeing the durability of the Hassan II Fund, which seeks to generate jobs.

The Royal Palace official spokesman said King Mohammed VI called for a flexible management for the implementation of the projects decided and stressed the need to permanently assess the results of the programs.

The signing ceremony was attended by Prime Minister, Abderrahmane Youssoufi, several members of the cabinet, the Royal advisors and several business leaders.

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