Remittances of Moroccan expatriates post 14% increase

Remittances by Moroccan expatriates have posted a 14% increase in January-March 2000, compared to the same period of 1999, said Moroccan economy and finance minister, Fathallah Oualalou on Tuesday.

The minister who was meeting a delegation of the Moroccan expatriate community said a recently incepted commission is currently looking into means to promote an environment conducive both for the Moroccan expatriates' remittances and investments.

The meeting also looked into capacity-consolidation of Bank Al-Amal, a financial institution set up in 1989. The Bank has approved over 507 projects proposed by Moroccan expatriates for a total amount of $ 140 mln-worth in loans, generating $ 426. Mln in investments and 13,500 new jobs.

The Moroccan expatriates delegates said the bank's financial capacities have to be upgraded to help it improve services extended to Moroccans living abroad who wish to invest in the country.