Morocco, EU sign 109 million euro-worth conventions
Morocco-European Union, Economics, 1/15/2001

Morocco and the European Union signed here Sunday night three conventions, worth 109 million Euro (1.0 billion Dirhams or $ 95.2 Million) to go to the sectors of finance, health and low-cost housing.

The conventions, part of the European MEDA program, were initialed by prime minister, Abderrahmane Youssoufi, and chairman of the European Commission, Romano Prodi, who will wind up this Monday a visit to Morocco.

The first convention, worth 52 million Euros, will serve to give more dynamism to Morocco's financial sector, especially the capital market.

With a value of 50 million Euros, the second convention means to support the gradual inception of compulsory health insurance in Morocco. The third convention, worth 7 million Euros, will finance a low-cost housing project in Tangiers (northern Morocco). The project is part of the struggle against unhealthy housing.

Prodi, who visited Morocco part of a tour that led him to Tunisia and Algeria, reviewed on Saturday with King Mohammed VI in Marrakesh "the friendly and strong relations between Morocco and the European Union."

Prodi's tour in Tunisia, Algeria and Morocco this January 11-15 is meant to re-energize the European Union relations with Maghreb partners and is part of the union's efforts to promote wider integration among the north African countries as a necessary step toward a stronger cooperation with Europe.

The EU has signed two other conventions with Tunisia and Algeria, worth respectively 54.5 million Euros and 30 million Euros.

Tunisia and Morocco are bound to the Union by separate association agreements that provide for the creation of a free-trade area between 2008 and 2010. Algeria is still negotiating its own agreement with the EU.

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