World Bank lends Morocco $ 250 mln

The World Bank lent Morocco $ 250 Million to back the country's economic reforms and social development program.

The WB loan will also serve to fund educational, electrification and drinking water projects in rural zones.

The Moroccan socialist-led government has set a development program focusing on the fight against poverty, illiteracy, improvement of administrative management, promotion of justice and upgrading of Moroccan corporate competitiveness.

Since it joined the World Bank in 1958, Morocco has received 150 loans and credits totaling $ 8.1 billion. It is the ninth largest borrower of IBRD loans. Current annual average lending to Morocco is $ 300-400 million.

As of April 1, 1998, Morocco received $ 1.75 million to finance twenty-three projects. Forty-five percent of current loans are in infrastructure, 13 percent in private sector development, 10 percent in agriculture, 13 percent in water and environment, 10 percent in education, and 9 percent in health, says the World Bank.