Saudi fund grants Morocco $40 million loan
Morocco, Economics, 7/6/1999

The Saudi Development Fund has granted Morocco a loan worth $40 million to finance three projects, it was officially announced in Rabat on Tuesday.

The loan approved by the Fund's board of governors will finance the construction and equipment of a school hospital in Marrakesh (central Morocco) and tow low-cost housing projects in a village near Marrakesh and in Fes.

According to a statement of the Moroccan Ministry of Economy and Finance, the loans are the result of negotiations between the Moroccan government and the Saudi fund, conducted during last February's visit to Saudi Arabia and other Gulf states by Moroccan Economy and Finance Minister Fathallah Oualalou.

On Monday, the finance department also announced that Morocco obtained two loans worth $65 million from the Arab Monetary Fund and the Program for Financing Arab Trade.

The Arab Monetary Fund's loan, $45 million, is destined to help restructure the Moroccan monetary and financial sector while the second loan, worth $20 million, will be used to open a credit line to finance Morocco's imports from arab countries.

The Saudi Development Fund has granted Morocco between 1978 and 1989 eight loans totalling $215 million at interest rates ranging between 2 and 5%.

Previous Stories:
  Morocco gets $65 million in loans from two Arab bodies   (7/5/1999)
  European loan for Morocco   (7/1/1999)
  World Bank Lends Morocco $ 250 Mln   (6/19/1999)

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