Madrid, Rabat pass two $ 90 million worth economic agreements

Morocco and Spain passed Tuesday two economic agreements on investment and debt-swapping on the fringes of the official visit of King Mohammed VI to Spain (Sep.18 through 20).

The first document deals with the financial program for northern Morocco launched during the visit, August 1999, to Morocco of the head of the Spanish government Jose Maria Aznar. It provides for investments worth $ 50 million. Renewable every two years, it is geared towards the settlement of Spanish firms in northern Morocco with priority sectors such as drinking-water, sewage, environment, energy, farming techniques, infrastructure, telecommunications, transportation, education and health. Investments are provided by the Assistance to Development Fund.

The second accord passed swaps $ 40 million of Moroccan $ 879-worth debt into investments. Two similar swapping operations have already been achieved in 1996 and 1997, converting into investments $87 million.

The agreements were initialed by Moroccan minister of economy, finance and tourism, Fathallah Oualalou, and Spanish second deputy premier and economy minister, Rodrigo Rato.