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Morocco agreed with Italy to convert 165 million dirhams of its debt into investments. : 10/04/2013

Morocco agreed with Italy to convert 165 million dirhams of its debt into investments.

An agreement on converting 165 million dirhams of Moroccan debt towards, Italy into investments was signed Tuesday, April 10th, 2013 in Rabat    

      According tothe agreement signed by the Minister of Economy and Finance, Mr. Nizar Baraka, and the Italian Ambassador to Morocco, Mr. Piergiorgio Cherubini, 80% of the above amount will be used to fund the second phase of the National Initiative for Human Development (NIHD),while the rest will be spent on upgrading the city of Volubilis and the training of medical executives in the field ofgeneral surgery.

Moroccan debt towards Italy converted into investments totaled 1.7 billion dirhams, allassigned to the financing of rural roads and the (NIHD), in addition to supportingthe city of Al Hoceima after the earthquake of February 2004.