Morocco gets $ 7.6 million loan from Islamic Bank

The Islamic Development Bank has extended Morocco a $ 7.6 million-loan to support the construction of roads in the Moroccan northern Rif mountains.

The project to build four 130-km long road stretches means to alleviate poverty and break the isolation of some of these regions. The Jeddah-based IDB is contributing 77% to the project. The loan, approved Sunday by the board of executive directors of the bank, is to be paid back in 20 years with a 5-year grace period.

The executive directors approved $ 121 million to finance 7 development projects in member countries and $ 22 million in nonmember Islamic countries.