World Bank loans Morocco $14.2 million
Morocco, Economics, 3/1/1999

The World Bank (WB) concluded two loan accords with Morocco, worth $14.2 million to partially finance a large-scale project to rehabilitate the ancient medina of Fez (central Morocco). The ancient medina of Fez, Morocco's spiritual capital, is classified as a universal legacy by the United Nations Scientific and Cultural Organization (UNESCO).

The first loan worth $7.1 million will be earmarked to the agency for the rehabilitation of the medina of Fez, while the second, also worth $7.1 million, will go to the municipality of Fez al-Madina.

Moroccan Interior Minister Driss Basri, who attended the signing ceremony, said the loans are the first of the kind to be extended by the WB to a Moroccan local council.

The rehabilitation of ancient the Fez Medina requires a global budget of $30 million.

Previous Stories:
  Moroccan industrial production improves by 2% in fourth quarter of 1998   (2/27/1999)
  Italy agrees to convert $100 million of Moroccan debt into investment   (2/26/1999)
  World Bank to finance rehabilitation of Morocco's historic Fez Medina   (10/30/1998)

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