World Bank Lends Morocco $ 250 Mln

The World Bank lent Morocco $ 250 million to enable it to carry out its socio-economic reforms and development program.

The loan accord, signed early this week in Washington, is reimbursable over 20 years with a five-year grace period.

The Moroccan socialist-led government's development program seeks to maintain macroeconomic stability while accelerating economic growth and reducing poverty, within a framework of institutional reform that promotes better governance and greater transparency.

The WB-backed program is geared towards a high, sustained and job-generating policy to secure a greater social justice, with reforms embracing all sectors to reach a 6 % growth rate target needed to reduce unemployment.

The Moroccan government seeks to encourage the private sector actions, enhance the enterprise competitiveness, improve the administration services, modernize the judiciary apparatus and drain more foreign investments.