World Bank loans Morocco $14.2 million

The World Bank (WB) concluded two loan accords with Morocco, worth $14.2 million to partially finance a large-scale project to rehabilitate the ancient medina of Fez (central Morocco). The ancient medina of Fez, Morocco's spiritual capital, is classified as a universal legacy by the United Nations Scientific and Cultural Organization (UNESCO).

The first loan worth $7.1 million will be earmarked to the agency for the rehabilitation of the medina of Fez, while the second, also worth $7.1 million, will go to the municipality of Fez al-Madina.

Moroccan Interior Minister Driss Basri, who attended the signing ceremony, said the loans are the first of the kind to be extended by the WB to a Moroccan local council.

The rehabilitation of ancient the Fez Medina requires a global budget of $30 million.