World Bank approves $440 million loans to Morocco in 1999

The World Bank approved a total of $ 440 million to support six development projects in Morocco during fiscal year 1999, a World Bank statement said on Wednesday.

"The World Bank $440 million loans have a maturity of 20 years and a five-year grace period," the WB release said, noting that the money will enable the North African nation rehabilitate the Medina of Fez, improve management in the health sector, modernize the telecom facilities, speed up the socioeconomic reform process and launch a pilot fishing project.

The World Bank, which opened lately a branch in Morocco, has so far given the kingdom 150 loans and credits totaling $8.1 billion. Morocco is the ninth largest borrower of WB loans and receiving annually around $300-400 million credits.

Morocco joined the WB in 1958 and is associating the world financial institution in its socioeconomic development efforts to modernize the economy, combat illiteracy, poverty, improve medicare, administrative services and enhance competitiveness of its products.