Highlights

The signing ceremony, with the ADB, of the legal documentation relating to two loan agreements : 11/12/2009

The signing ceremony, with the ADB, of the legal documentation relating to two loan agreements

Mr. Salaheddin MEZOUAR, Minister of Economy and Finance, headed on Friday, December 11th 2009 , at the Ministry, the signing ceremony with the African Development Bank (ADB) of the legal documentation relating to loans to finance program to support the development of both the financial sector and the electricity transmission and distribution project.

The ceremony was attended, namely by, Mr. Ali Fassi Fihri Director General of the National Office of Electricity (ONE), Mr. Isaac Lobe NDOUMBE, Regional Director, Operations Department, North 2 Region in ADB and Ms. Amani ABOU-ZEID, Resident Representative of ADB in Morocco.

Amounting to 162 million euros, the loan agreement concerning the financial sector development support program, aims to create the necessary conditions for sustainable economic growth by strengthening governance in the financial sector, developing and deepening it through improving access for people and enterprises to financial services and diversifying financial instruments.

The second loan agreement, signed with ADB, relates to the development of the electricity transmission and distribution project .This loan, amounting to 109.82 million euros, is to be contracted by (ONE).

This project is part of the (ONE) investment program for the period 2008-2013.Its target is to improve and secure electricity supply and reliability through increasing the capacity of electricity transmission lines and minimizing the rate of network technical losses to 3.5% instead of 4.7% currently.

During this ceremony, Mr. Salaheddine MEZOUAR drew attention on the importance of relations of cooperation and coordination between Morocco and the ADB which provides a continuous support to the economic and social development of our country. .

He added that today, these signing agreements, which aim at strengthening the Moroccan financial sector and the electricity transmission and distribution in Morocco coincide with the government priority actions.

The Minister thanked the ADB for its continued support for reform programs and investment projects undertaken by Morocco.

Close of, Mr. MEZOUAR and Mr. LOBE welcomed the level and the quality of the cooperative relations between Morocco and the ADB and reaffirmed their commitment to develop and consolidate this cooperation.