Arab fund loans Morocco 98.9 million US dollars

The Arab Economic and Social Development Fund on July 18 granted Morocco two loans totaling 960 million dirhams (98.9 million us dollars) for water and electricity projects, the Finance Ministry said.

The loans, repayable over 22 years at an interest rate of 4.5 percent and carrying periods of grace of five and six years, will go toward building two dams southeast of Rabat.