ABD to grant loans in local currencies

The African Development Bank (ADB) will grant loans in local currencies "to reduce exchange hazards and to promote the financial market," said ADB president, Mohamed Kabbaj.

The ADB conducted a study to improve its financing conditions, to enhance its acquisition system and to diversify its financial products by granting loans in local currencies, pointed out Kabbaj after signing with Morocco's Minister of Finance and Privatisation, Fathallah Oualalou three agreements lending Morocco 430 mln Euros to support reforms in transports, civil service and drinking water supply.

"Morocco will benefit from these new products, including loans in local currencies," he went on.