Islamic bank loans Morocco's water board $28.4 million

The Jeddah-based Islamic Development Bank has granted to the Moroccan water board "ONEP" a loan of $28.4 million (273 million dh) to finance a drinking water project in Taza (318 km east of Rabat).

According to ONEP, the project's total cost is estimated at $47.7 million. It will bring water to the city from a dam, especially in period of drought or insufficient rainfalls.

The city takes its water from underground resources.

Established in 1974 by the Organization of the Islamic Conference (OIC), the IDB comprises 53 member states and aims at pushing forward development projects in Islamic states and encouraging inter-Islamic trade.

The Jeddah-based IDB, with a capital of $9 billion succeeded in upgrading trade among member states to 10% from 4%, and is targeting a rate of 13%.