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Morocco signs loan conventions with two Arab funds
United Arab Emirates-Morocco, Economics, 10/1/2001
Morocco signed in Abu Dhabi on Saturday two loaning conventions, worth a total of 65 million Special Drawing Rights (SDR) with the Arab Trade Financing Program and the Arab Monetary Fund (1 SDR equals US$ 1.28).
The first loan, worth 45 million SDRs, extended by the Arab Monetary Fund will go to promoting and restructuring Morocco's financial and banking sector. This loan brings the AMF total loans to Morocco since 1978 to US$ 558.08 Million.
The second convention is about a credit line of US$ 20 Million opened by the Arab Trade Financing Program to the Kingdom's general treasury to finance various trade deals signed by Morocco with other countries. This is the 28th loan extended by the Program to various Moroccan agencies, for a total amount of US$ 375 million.
The two conventions were initialed by Moroccan minister of economy, finance, privatization and tourism, Fathallah Oualalou, and Jassem El-Menai, executive director of the Program administrative board and general manager and chairman of the Fund governing board.
The Moroccan minister hailed the contribution of the two Arab economic bodies in supporting Arab economic competitiveness and in promoting Arab economic integration, in the perspective of the Arab free trade area.
Oualalou who started on Friday his visit to the UAE reviewed with the UAE economy and trade minister means to develop economic and trade cooperation and means to activate bilateral agreements, mainly the free trade area, signed during a recent visit to Morocco by a delegation, headed by the UAE state minister for foreign affairs.
Previous Stories:
Morocco, UAE set up investments partnership commission
(7/26/2001)
Moroccan, UAE businessmen explore investment possibilities in Morocco
(7/25/2001)
UAE finance and industry minister expected in Morocco
(7/23/2001)
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