Morocco gets $65 million in loans from two Arab bodies

Morocco obtained two loans worth $65 million from the Arab Monetary Fund and the Program for Financing Arab Trade, it was officially announced in Rabat.

The agreements were signed over the weekend in the United Arab Emirates by Moroccan Finance and Economy Minister Fathallah Oualalou.

The Arab Monetary Fund's loan, $45 million, is destined to help restructure the Moroccan monetary and financial sector.

The second loan, worth $20 million, will be used to open a credit line to finance Morocco's imports from Arab countries.

The minister also held talks with UAE Minister of Economy and Trade Sheikh Fahim bin Sultan al-Qasimi and Minister of State for Financial Affairs and Trade Khalfane Bin Kharbach. Moroccan-UAE talks covered means of promoting bilateral economic relations.