European bank extends Morocco 87 million euros in loans

The European Investment Bank (EIB) on Friday extended Morocco two loans of a total value of 87 million euros.

Under an agreement signed in Rabat by Moroccan Economy and Finance Minister Fathallah Oualalou and the bank's vice-president, Francis Mayer, the first 32 million euro long-term loan will go to a port development project while another 55 million euro loan will co-finance the laying of a 2nd 57-km long railway between Fes and Meknes.

The bank's 32 million loan represents 41% of the cost of the port development project that covers 6 ports. The second 55 mln loan will contribute 45% to the cost of the Fes-Meknes railway project.

With these new loans, the EIB has contributed a total of 479 millino euros to ten projects in the 1997-1999 Euromed program.