Moroccan - Japanese financial cooperation probed

Morocco's Minister of economy, finance, privatization and tourism Fathallah Oualalou conferred in Rabat Wednesday with the governor of the Japanese international cooperation bank Hiroshi Yasuda.

Intervention of the Japanese bank in Morocco is very useful and profits several sectors in rural areas mainly, Oualalou said adding the Kingdom was determined to enhance cooperation with the financial institution in a bid to fight poverty and update economy.

The minister insisted on Moroccan assets such as stability, overture and prized geographic location and invited the bank president to endeavor for a larger annual fund-allotment to Morocco which has adopted a five-year development plan and the setting up of a bank of projects.

Yasuda asked Moroccan officials to submit to the Japanese bank an overall list defining the Kingdom's medium and long term priorities.

The Japanese international cooperation bank is a public body with a $ 62 billion capital promoting economic cooperation between Japan and developing countries through preferential-rate loans to fund socio-economic projects.