Saudi fund contributes to low-cost housing projects in Morocco
Morocco-Saudi Arabia, Economics, 4/3/2001

The Saudi Development Fund has extended Morocco a 45 million Saudi Rials loan (about 125 Million Dirhams or 11.36 million dollars) destined to co-finance low-cost housing projects.

The loan, at a preferential interest rate of 3%, will be repaid over 20 years.

The amount will cover 73% of the cost of basic infrastructure of two housing projects in Selouane in the north-eastern city of Nador and in Ain Aouda in the region of Rabat.

The Selouane project, extending over 220 hectares, provides for the construction of some 10,000 houses, while some 3000 plots of lands will be promoted part of the Ain Aouda project covering 86 hectares.

The construction works, to last four years, are to be launched in the course of 2001.

The loan agreement was signed in Rabat Monday by the Fund vice-president, Abdulaziz Ben Mohamed Al-Turki, and Moroccan minister of economy, finance, privatization and tourism, Fathallah Oualalou.

The Fund executive also met Moroccan minister of equipment, Bouamour Taghouane, and voiced his institution's willingness to co-finance water projects in Morocco, mainly a water facility to supply water to the Atlantic city of Safi and the chemical industries it hosts.

The Saudi Development Fund has so far extended Morocco 11 loans worth 872 million SR (about 2.18 billion DH or $ 198.36 million).

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