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Morocco gets $ 7.6 million loan from Islamic Bank
Morocco, Economics, 11/2/1999
The Islamic Development Bank has extended Morocco a $ 7.6 million-loan to support the construction of roads in the Moroccan northern Rif mountains.
The project to build four 130-km long road stretches means to alleviate poverty and break the isolation of some of these regions. The Jeddah-based IDB is contributing 77% to the project. The loan, approved Sunday by the board of executive directors of the bank, is to be paid back in 20 years with a 5-year grace period.
The executive directors approved $ 121 million to finance 7 development projects in member countries and $ 22 million in nonmember Islamic countries.
Previous Stories:
Morocco helps in training of Palestinian water management executives
(9/7/1999)
Islamic bank lends Morocco $30 million for water projects
(2/19/1999)
Saudi Arabia and Morocco determined to enhance economic relations
(2/18/1999)
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