Saudi extends Morocco $ 28 million loan for university hospital

The Saudi Development Fund has extended Morocco a loan worth 90 million Saudi Riyals (US$ 28 million) to finance the construction of a university hospital in Fez.

The new health unit will improve the quality of highly-specialized services, give to students an appropriate training and support the training of physicians.

King Mohammed VI and Saudi heir apparent, Prince Abdallah Ibn Abdelaziz chaired on Sunday the loan agreement signing ceremony. The accord was initialed by Morocco's economy, finance, tourism and privatization minister, Fathallah Oualalou, and Saudi finance and economy minister, Ibrahim Ibn Abdelaziz El Assaf.

With this new agreement, the Saudi Fund-financed projects in Morocco totals 12, mainly in dam construction, agriculture, drinking water, low-cost housing and health facilities.

The hospital, Saudi diplomatic sources told MAP, is part of a score of social projects carried out with Saudi funds. In addition to a project by the Saudi heir apparent, deputy president of the ministers council and commander of the national guard, to build the world's biggest eye hospital in the city, a Saudi donation worth 100 million DH (US$ 9 million) went to various social projects.

Among these projects, the sources cited a 50 million Dirham-worth cancer center where construction works started last February to meet the local population needs. An amount of 33 million DH went to build a second lane on an 8-km-long coastal road in the Agadir region.

In tourism, Saudi group "Dalat Al Baraka" is taking part in the development of a sea resort station near Agadir.

2nd deputy-chairman of the Saudi ministers council, defense and aviation minister, and general inspector, Prince Soltan Ibn Abdelaziz who gave the donation, has also contributed to the building of a children center and had earmarked 5 million Dirhams to the extension and revamping of a mosque in the city.