USAID guarantees $7.8 million housing loans granted by US investors to Morocco

Morocco and the USA signed on Wednesday an agreement under which the US Agency of International Development guarantees $7.8 million housing loans granted by US investors to Morocco.

Under the $7.8 million loan program, which is part of a larger program of $52 million, the US agency guarantees loans obtained by Morocco from US investors who were selected through an international bid conducted by the USAID.

The agreement was signed by Moroccan Finance and Economy Minister Fathallah Oualalou and the US ambassador in Morocco, Edward Gabriel.

Last year, the two sides concluded a $80 million agreement to finance a low-cost housing project for over one million low-income families.