Kuwaiti fund loans Morocco 50 mln for highway

The Kuwaiti Fund for Arab Economic Development granted on Thursday Morocco a loan worth US$ 5.7 million as a contribution to financing the Casablanca-El Jadida highway.

The loan, extended at 4% interest rate is reimbursable in 20 years with a four-year grace period. The accord was signed by general manager of the Fund, Badr Mechari El Homeidi, and general manager of Morocco's highways company (ADM), Othman Fassi Fehri.

The loan will cover 38% of the highway total cost, estimated at US$ 136.3 million. It will finance a 79 km-long stretch of the highway.

On the same occasion, the Fund general manager signed with Morocco's finance, economy, tourism and privatization minister, Fathallah Oualalou, the loan-guarantee convention.

Meanwhile, Kuwait Investment Authority has entrusted to the Moroccan bank (SGMB) the management of all its funds invested in Morocco, worth some US$ 200 million.