Arab fund extends Morocco $ 30 million loan
Morocco-Regional, Economics, 4/17/2002

The Arab Monetary Fund (AMF) extended on Tuesday Morocco a US$ 30 million-loan to finance Moroccan imports of unprocessed sulfur from Arab states.

The loan will go to Morocco's state-owned phosphates company (Office Cherifien des Phosphates) to finance the imports.

The loan agreement was initialed by the Fund president and CEO, Jassim El-Manni, and Moroccan finance, economy, privatization and tourism minister, Fathallah Oualalou, who is leading the Moroccan delegation to the annual general assembly of Arab finance institutions.

The total value of credit line made available by the AMF's program of Arab Trade Financing since its inception in 1989 to Morocco stands at US$ 400 million, including 201 millions for the 1991-2001 period.

The Moroccan minister announced that officials from the Kuwaiti Fund for Arab Economic and Social Development will be visiting Morocco in the coming weeks to sign financing agreements covering the 2002-2003 period. He also agreed with officials from the Kuwaiti and Abu Dhabi Funds on a set of programs that will be financed by the funds.

Oualalou held working sessions with economy and finance ministers from Maghreban countries, to study the idea of creating a free-trade zone decided by the Rabat Maghreban finance ministers' meeting.

Oualalou told MAP the AMF ought to endeavor, in cooperation with the World Bank and the International Monetary Fund -which will be holding their annual assemblies in 2003 in Dubai, to develop a timetable for consultations in banking sector control in order to consolidate financial and economic stability factors in the Arab world.

He further noted that Morocco grants a paramount importance to the Arab bank of African economic development as an instrument to consolidate solidarity between the Arab world and the African continent and encourage Arab exports to the continent. He said the Bank is starting to focus its action on social and private sectors as they were earmarked respectively 10% and 6% of finances, in addition to support extended to some governmental projects in Africa.

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