Signing of a loan agreement between Morocco and the Saudi Fund for Development : 09/12/2010

Signing of a loan agreement between Morocco and the Saudi Fund for Development

Mr. Salaheddine Mezouar, Minister of Economy and Finance and Mr. Youssef Bin Ibrahim Al Bassam, Vice President and Managing Member of the Saudi Development Fund (SDF), signed, Thursday, December 9th 2010, at the Ministry of Economy and Finance, a loan agreement amounting to 90 million Saudi riyals (about 200 million dirhams) to finance the project to build and equip schools in Tamansorte and Tamesna.

The ceremony was attended by Mr. Ahmed Taoufik Hejira, Minister of Housing, Urbanism and Spatial Planning and Mrs. Latifa Labida, Secretary of State to the Minister of National Education, Higher Education, the Professional Training and Scientific Research, responsible for school education.

The aim of this project is to create and equip 24 primary schools, colleges and educational centres, for about 20,000 students in basic training.

The loan, which raises the loans granted by the (SDF) to 20, brings the total funding granted by the Fund at 1.484 million Saudi riyals (about 3.5 billion dirhams).

On this occasion, the Minister pointed that the loan reflects the confidence of the (SFD) in the national economy. He recalled the measures taken in that framework, namely structural reforms support, sectoral strategies and the acceleration of growth dynamics.

For his part, Mr. Youssef Bin Ibrahim Al Bassam welcomed the excellent cooperation and exemplary relations existing between the two kingdoms, emphasizing the Fund`s continuing interest in financing Morocco?s structural reforms.