Kuwaiti fund extends loan to Morocco
Morocco-Kuwait, Economics, 11/24/1999

Kuwait's Arab Fund for Economic and Social Development has extended Morocco a loan worth 10 million Kuwaiti dinars (about $32.7 million), destined to finance the extension of the Casablanca's Mohammed V airport.

The extension project, to cost an estimated $37.5 million, includes the construction of a takeoff runway and infrastructures for carriers, the purchase of mobile bridges to receive planes, the rehabilitation of parking lots and of roads leading to the airport.

Morocco is the largest recipient of the fund's loans, with more than $1.5 billion or 15% of the overall $10 billion worth of loans extended by the Arab Fund for Economic and Social Development.

The loan agreement was initialed on Tuesday in Rabat by the fund's chief executive officer, Abdellatif Youssef Al-Hamad, and director general of the Moroccan Airports Authority (Office National des Aeroports) Ahmed Biyaz. Ministers of economy and finance, Fathallah Oualalou and of transport, Mustapha Mansouri, attended the signing ceremony.

Previous Stories:
  Kuwaiti fund sign $56 mln loan with Morocco   (5/24/1999)
  Kuwait interested in Morocco's privatization program   (4/26/1999)
  Moroccan premier calls for promoting trade with Kuwait   (4/21/1999)

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