Saudi fund finances housing project in Morocco

The Saudi development fund will extend Morocco a $ 7.5 million loan to finance a low-cost housing project in Fes, central Morocco.

The amount will finance the construction of 7,200 lodgings for 41,000 low-income persons.

The loan agreement was initialed by Moroccan economy and finance minister, Fathallah Oualalou and visiting vice-chairman of the Saudi development fund.

The loan will be reimbursed over a 20-year period at a 3% interest rate.