Islamic Development Bank Loans Morocco $ 5.4 million

The Islamic Development Bank (IDB) has extended Morocco a $ 5.4 million loan destined to finance a literacy project to benefit 584,000 Moroccan citizens, mostly rural women.

The loan will finance the implementation of educational programs as well as the compilation, printing and distribution of manuals.

The loan agreement was initialed in Algiers by Moroccan minister of economy, finance, privatization and tourism, Fathallah Oualalou, and IDB president, on the sidelines of the

the 26th annual meeting of the IDB governing board, held here Tuesday and Wednesday.

The literacy project is part of the Moroccan national program of struggle against illiteracy that targets to reduce illiteracy rate from 47 % to 35 % by 2004.