Riyadh Supports Morocco’s Development Projects with $230 Million

Saudi Arabia will allocate Morocco $230 million to finance various development projects and support Small and Medium Enterprises, under three agreements signed on Wednesday on the sidelines of the joint Assembly of Arab Financial Institutions.

The agreements will cover three areas namely $80 million worth irrigation projects in Saïss plains, in the Fès-Meknès region, equipment of public hospitals to cost $50 million, while $100 million will be earmarked for supporting SMEs.

The first two agreements estimated at $130 million represent the last installment of Saudi Arabia’s share of support to Morocco decided by the Gulf Cooperation Council (GCC.)

Saudi Finance Minister Ibrahim Ben Abdelaziz Assaf who initialed the agreements along with his Moroccan counterpart Mohamed Boussaid underlined Saudi Arabia’s resolve to enhance its cooperation with Morocco and to launch other common development projects with the North African Country.

More than $4 billion have been already invested in Morocco by Riyadh, mainly in the Noor solar energy project in Ouarzazate. The first plant of the project started operating early February.

Vice-President of the Saudi Development Fund, Youssef Ben Ibrahim Bassam, attended the agreements signing ceremony.

Short URL: http://me-confidential.com/?p=12344

Posted by on Apr 7 2016. Filed under Headlines, World News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Leave a Reply

Recently Commented

  • Badia Ouadi: What about the 20/20 vision for tourism which HRH has endorsed Himself? There are hundreds of western...
  • Achraf: Wise words from a wise king. And dont forget to work hand in hand. Stability Will be à important factor
  • Mehmet: Erdogan and the Turkish government become more pathetic and miserable and unrealistic day by day.
  • Telh: Israel should take a leaf out of their book.
  • Gemma: Well on this task Jordan gets a big fat F! We need to find a more competent custodian before Al Aqsa is lost...