World Bank confers Morocco $459M to finance new projects

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Rabat: The World Bank has conferred Morocco two loans totaling about $459 million to utilize capital markets and finance the drinking water supply project in rural areas.

World Bank confers Morocco $459M to finance new projects

World Bank confers Morocco $459M to finance new projects

The two loans’ contracts were signed in Rabat by the Minister of Economy and Finance, Mohammed Boussaid and Director of the Maghreb Department, World Bank, Simon Gray.

The first loan of $ 300 million dollars intends to expand capital markets and invest in small and medium enterprises in Morocco. The loan distinguishes the vital work carried out by Morocco to develop its financial system.

The reforms undertaken by the Kingdom in the field will enhance the profile of Casa Finance City, recalling the launch of a multi-year technical support program in March.

The second loan, worth a sum of $158.6 million will finance the drinking water supply in rural zones. This project will improve the eminence of life of almost 390,000 residents in 1400 vicinities and will also help to develop access to secure drinking water countrywide from 94 pc in 2013 to 97 pc in 2017.

Mohamed Dekkak