IDB to support Moroccan strategic sectors

The Islamic Development Bank (IDB) said it is ready to continue to support Moroccan strategic economic and social sectors.

President of the Jeddah-based IDB, Ahmed Mohamed Ali, told Moroccan economy and finance minister, Fathallah Oualalou, the bank is ready to contribute to some projects included in the kingdom's five-year plan.

A statement of the ministry says the IDB has extended Morocco funds estimated at $ 1.4 billion, including $ 1.2 billion for external trade and $ 201 mln for development projects.

The president of the bank, which held in Rabat a conference on its 25th anniversary, also met Moroccan premier, Abderrahmane Youssoufi, and minister in charge of Maghreban and Arab-Islamic affairs, Abdeslam Znined.

The bank held on Tuesday in Casablanca a conference to present its new bodies, mainly the "Islamic Company for the Promotion of the Private Sector," the "Infrastructure Investment Fund" and the "Company for supporting investments in Habous."

The Islamic company for the promotion of the private sector will be endowed with an initial capital of one billion dollars and will adopt more flexible procedures in dealing with private companies in member countries. The infrastructure investment fund, with an initial capital of $ 1.5 billion will alleviate the public sector burden in infrastructure construction. The third new body will seek to fight poverty and illiteracy.