Arab fund loans Morocco $ 50 mln

The Arab Fund for Economic and Social Development has loaned Morocco $ 50 million to finance construction of a highway between Casablanca and Al-Jadida.

The loan aims at building a seven-meter wide highway stretching for 79 kilometers and will cover constructions of bridges, tunnels, fences and buildings for custom department.

The loan is to paid back in 22 years with a five-year grace period and at an annual interest of 4.5 percent.

The Fund's total loans to Morocco stand at around $ 1.719 billion.