World Bank grant Momorocco two loans worth nearly $ 100 million

The world bank has extended Morocco two loans worth US$ 97.6 million.

The two loans, worth respectively $ 65 million and $32.6 million, will finance an information infrastructure promotion program and the first phase of a rural integrated development program dealing mainly with small and medium scale water works.

The information infrastructure promotion program, meant to carry on reforms already initiated to upgrade the sectors of telecommunication, post and information technologies, had previously benefited from a $ 100 million loan from the World Bank.

The first phase of the rural integrated development program seeks to rehabilitate and modernize 9,540 hectares in the provinces of Azilal, Kh?nifra andt El Haouz. The whole program, extending over 12 years, aims at building small and medium sized water works to promote 46,000 hectares in 15 provinces.

Both projects are meant to speed up economic growth and reduce social and regional disparities in the country.

The loan accords were signed this Friday in Rabat by Moroccan minister of economy, finance, privatization and tourism, Fathallah Oualalou, and head of the World Bank office in Rabat, Olivier Gordon.

Gordon told MAP the two accords symbolize the content of the new cooperation strategy between Morocco and the international financial institution. These accords, he said, are based on two pillars: the first concerns promotion of general growth, integration in the economy of knowledge and easing poor layers' access to this economy, while the second is related to poverty reduction through participative, more inclusive and decentralized approaches.