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European bank extends Morocco 87 million euros in loans
Morocco, Economics, 12/11/1999
The European Investment Bank (EIB) on Friday extended Morocco two loans of a total value of 87 million euros.
Under an agreement signed in Rabat by Moroccan Economy and Finance Minister Fathallah Oualalou and the bank's vice-president, Francis Mayer, the first 32 million euro long-term loan will go to a port development project while another 55 million euro loan will co-finance the laying of a 2nd 57-km long railway between Fes and Meknes.
The bank's 32 million loan represents 41% of the cost of the port development project that covers 6 ports. The second 55 mln loan will contribute 45% to the cost of the Fes-Meknes railway project.
With these new loans, the EIB has contributed a total of 479 millino euros to ten projects in the 1997-1999 Euromed program.
Previous Stories:
Moroccan exports of handicraft items increased by 4.5% last year
(11/30/1999)
Kuwaiti fund extends loan to Morocco
(11/24/1999)
Saudi loan to refurbish hospitals in Marrakesh
(11/23/1999)
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