Moroccan fund to fight poverty

Morocco is planning to set up a social fund to combat poverty with the participation of the World Bank, Moroccan Al-Alam daily reported today.

The projected $103 million fund was among the major topics tackled during the meeting held Monday between King Hassan II and World Bank president, James Wolfensen.

Morocco counts about 28-million inhabitants, and 17 percent of its 8-million workforce is unemployed.

The World Bank chief arrived last weekend in Morocco to attend the works of the Mediterranean development forum that opened this Thursday in Marrakesh (central Morocco).

Morocco joined the World Bank in 1958 and has so far received from this international financial body some 150 loans and credits totaling $8.1 billion. The World Bank's current annual average lending to Morocco ranges between $300 and $400 million.