Kuwaiti fund lent Morocco about one billion dollars in past 40 years

The Kuwaiti Fund for Arab Economic Development lent Morocco, since 1966, about one billion dollars through some 30 loans, the Fund's Managing Director, Abdelwahab Ahmed Al Badr said.

At a press conference held Sunday in Rabat, Al Badr said the loans of the fund to Morocco for the past 40 years went to several sectors, including dam construction, water harnessing, phosphates, rural power supply, infrastructure and highways.

The press conference was held on the occasion of the signing of two loan agreements amounting to 41 million dollars destined to finance the Tangier-Mediterranean highway and the second phase of the 4th part of the rural electrification programme (PERG).

Al Badr said the fund contemplates the financing of the Marrakech-Agadir highway and other projects on water and rural electrification.

On Saturday, the Moroccan-Kuwaiti higher commission signed a series of economic cooperation accords and entente memorandums at its latest session wound up in Rabat the same day.

The two Arab states also signed two memorandums on cooperation between The Moroccan centre for export promotion and its Kuwaiti peer and on technical cooperation to protect the environment. They also agreed to carry out a three-year programme in social affairs and employment.

Early March, a Moroccan delegation visited Kuwait and discussed with various officials means to attract investments to help finance projects of the Moroccan plan that aims to reach 10 million tourists to the north African country by 2010.