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Arab Fund for Economic and Social Development lends Morocco $237m

Flag of Morocco [Kristin Harvey/Flickr]
Flag of Morocco, 8 May 2019 [Kristin Harvey/Flickr]

Wednesday, the Moroccan government signed two agreements with the Arab Fund for Economic and Social Development (AFESD) to obtain a loan worth 237 million dollars to fund two investment projects.

According to Anadolu, both Moroccan ministers of Finance, Mohamed Benshaboun, and of Equipment and Transport Abdelkader Amara, in addition to the Director of AFESD, Abdlatif Yousef Al-Hamad signed the two agreements at the Ministry of Economy and Finance in Rabat.

During a speech he delivered before signing the agreements, Benshaboun said: "The loan we have received will contribute to funding the orbital highway project for Laayoune, the largest city in the Sahara region, and a project related to Mohamed V dam in the eastern region of the country."

"The orbital road project of Laayoune is part of an axis of roads that are very important in linking the northern and southern area of the Kingdom, as well as Morocco and its deep territory in Africa."

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"The partnership with the AFESD has been established four decades ago. 72 loan contracts have been signed since 1977."

Al-Hamad said during a press statement that "the loan will contribute to funding Laayoune orbital road, which is of utmost importance for the large road financed by the AFESD." He also revealed AFSED's readiness to"finance a lot of investment projects in Morocco."

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