World Bank extends Morocco $ 2.2 million loan

The World Bank has extended Morocco a $ 2.2 million loan destined to finance a sustainable coastal tourism development project, estimated to cost $2.6 million.

The project will evaluate the institutional framework, and contractual procedures for managing public/private partnerships, to develop integrated, and sustainable coastal sites, underlining the importance of tourism, as a viable means of job generation, foreign exchange, and tax revenue increases.

The project components include preparation of indicative development plans, and pre-feasibility studies for three new coastal tourism development sites in Tan Tan (southern Morocco), El-Jadida and Essaouira, south of Casablanca. A conceptual plan for the whole tourism development site will be produced, in addition to indicative development plans, and pre-feasibility studies for the selected tourism development unit, and for the selection of private master developers.

The project also provides for technical assistance to the department of development and investment of the ministry of tourism, namely for the supervision, and management of the three new coastal tourism development sites, in addition to three on-going development sites. Technical assistance will help prepare indicative development plans, evaluate the private developers' proposals, and, prepare preliminary contract agreements. A technical assistance to implement the new institutional framework for tourism sites development is also provided.

The loan agreement was signed Wednesday in Rabat by a senior executive of the finance department and the WB resident representative in Morocco.