Islamic Development Bank loans Morocco $ 7.33 million
Morocco, Economics, 7/18/2002

Morocco and the Islamic Development Bank (IDB) signed Tuesday in Rabat two loan and guarantee agreements worth US$ 7.33 million (78 millions DH).

The amount will co-fund rural electrification projects worth 140 millions DH.

The project to supply electricity to 238 villages (12,528 households) in the provinces of Tetuan, Ifrane and Safi, is part of the government program meant to connect 69 percent of the rural world to the national grid by 2004.

The signing ceremony was chaired by Moroccan minister of economy, finance, privatization and tourism, Fathallah Oualalou, and director of the IDB regional bureau in rabat, Hani Salem Sounboul.

The two men voiced satisfaction at the cooperation relations existing between Morocco and the Islamic financial institution, and at IDB's backing to Morocco's economic and social development.

IDB had previously contributed $38.96 million to another electrification project that benefited 41,715 households.

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