EIB financing in Morocco not to be affected by fisheries issue

The European Investment Bank's projected financing in Morocco will not be affected by the future of Morocco-EU fisheries relations, said visiting vice-president of the EIB, Arianne Obolesnky in Rabat Thursday.

In a press conference held in Rabat, the EIB official hoped that although Morocco has announced plans not to renew the fisheries agreement with the European Union after its expiry end of 1999, the 2nd EUROMED mandate will be increased and that the bank will finance additional development projects in the Mediterranean.

The EIB official, who started on Thursday a visit to Morocco to sign a 153 million Euro loan agreement, conferred with several Moroccan officials, including Prime Minister Abderrahmane Youssoufi.

The first EIB loan, worth 23 million euros, will serve to improve drinking water and sanitation networks in the city of Meknes (150 km east of Rabat). Another loan of 100 million euros will finance the feasibility, optimization and reduction of the impact on environment of the sulfuric acid, phosphoric acid and fertilizers plants in Jorf Lasfar and Safi (Western Morocco). The third loan, of 30 million euros will be used to purchase various port equipment and improve facilities in eight Moroccan ports.