ADB approves 66.5 Mln Euro loan to Morocco
Morocco, Economics, 11/26/2004

The African Bank for Development has approved a loan of 66.5 million Euro to Morocco to fund a project of drinking water supply and draining in the country, announced ADB.

The loan will be used to help improve the living conditions of people living in five Moroccan villages by providing them with drinking water and wastewater treatment facilities.

The project aims at ensuring sustainable supply of drinking water to several towns and cities, to the new tourist and port complexes. It will improve access to drinking water in rural areas that are not on the supply network as well as improve hygiene, said the same source.

It will secure the drinking water supplied to the 3 new tourist resorts and the new port complex. It will create 24 000 direct jobs and about 54 000 indirect jobs.

The total cost of the drinking water supply project is estimated at UA 77.8 million, equivalent to 91.5 million Euro. The ADB represents around 72.2% of the estimated project cost. The remaining 27.8% or UA 21.6 million UA will be provided by ONEP, the national drinking water board (ONEP).

Relations between the Bank Group and ONEP date back to 1978.To date, the cumulative commitment of the Group to ONEP amounts to UA 123 million, equivalent to 145 million Euro for five projects.

The Operations of the Bank Group in Morocco started in 1970. To date, the amount committed by the Bank in Morocco stands at UA 3.145 billion, equivalent to 3.7 billion Euro.

Previous Stories:
  Morocco eyes Arab tourism market   (11/24/2004)
  Morocco's external debt halved in 7 years, minister   (11/12/2004)
  Foreign investments in Morocco grew by 246% in 2003   (11/12/2004)

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