Japan loans Morocco $62 mln for water projects

Japan has extended Morocco a $62 million loan to finance water supply projects in several Moroccan rural areas.

Documents related to the loan accord were exchanged in Rabat on Monday between Moroccan Economy and Finance Minister, Fathallah Oualalou, and Japan's ambassador to Morocco, Hiromi Sato.

The loan is to be paid back in 30 years at an annual interest rate of 1.7%.

Japan had extended Morocco last week loans and donations worth $510 million for the purchase of equipment.

The sum, earmarked by the Japanese Overseas Cooperation Fund during a visit by a Moroccan delegation to Tokyo, will be used to purchase water, highway and port equipment.