World Bank invests $500 million in Morocco

Morocco has reached an agreement with the World Bank through which the latter will invest $500 million in Morocco during the upcoming year. This was achieved during the WB president's visit to Morocco.

World Bank President Sobrine Arnoine confirmed that he discussed with Moroccan officials the bank's investment plan in Morocco and joint projects in the fields of infrastructure, energy, communication, roads, and environment.

The World Bank will contribute a large share to the $300 million port project in Morocco. The productivity of the Moroccan companies tops the priorities of the World Bank in Morocco. The bank will offer a $50 million loan to support small and intermediate companies.

The bank is also trying to convince the Moroccan companies especially the maritime, export, weaving, and food industries to lift the barriers between the European Union and Morocco. Morocco had reached an agreement with the European Union last year through which it will set up a trade free zone by the year 2001.