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.

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