EU grants Morocco $5.1 million in aid to back privatization program

The European Union on Monday granted Morocco $5.1 million aid to back up the country's privatization program.

The aid convention, which is part of the MEDA program, was initialled by the Moroccan economy and finance minister and privatization minister, respectively Fathallah Oualalou and Rachid Filali, and the head of the EU delegation in Morocco, Lucio Guerrato.

The aid focuses on ways to prepare the state-owned firms for privatization in total transparency and upgrade the civil servants' know-how in the field of privatization.

The EU aid, which is not reimbursable, is a part of a total amount of 457.98 million euros, approved by the EU members in favor of Morocco on the period running from 1996 to 1998.