Highlights

Signing of a master agreement for the management of a Kuwaiti donation amounting to 1.25 billion dollars : 25/02/2013

Signing of a master agreement for the management of a Kuwaiti donation amounting to 1.25 billion dollars

A master agreement for the management of a Kuwaiti donation of $ 1.25 billion was signed Thursday, February 21st 2013 in Rabat, by the Minister of Economy and Finance Mr. Nizar Baraka, and the Director General of the Kuwaiti Fund for Arab Economic Development (KFAED), Mr. Abdelwahab Al Ahmad Badr.

In his speech, Mr. Baraka stated that this gift is part of the strategic partnership between Morocco and the countries of the Gulf Cooperation Council (GCC), which objective is to promote the development of the kingdom.

He, in addition, was pleased with the quality of the fraternal relations and co-operation linking the two countries, and which were strengthened with the last visit of His Majesty King Mohammed VI to Kuwait.

"This donation will finance a number of strategic development programs, particularly in the fields of education, health, housing, agriculture, dams and ports," noted Mr. Baraka.

Referring to the financial cooperation between the Kingdom and KFAED, Mr. Baraka recalled that this fund’s grants to Morocco helped finance, since the first agreement of 1961, several priority projects namely dams, electricity and road networks.

As for Mr. Ahmad Al Badr, this donation will spread out over five years, starting from 2012, by maintaining coordination with the Moroccan side. He noted that, 37 agreements between Morocco and KFAED were implemented so far, with a total value of 1.3 billion dollars.

The signing ceremony was marked by the presence of members of the government and the Kuwaiti ambassador in Morocco.