The Ministry of Economy and Finance and the Saudi Fund for Development (SFD) signed, Monday, February 11th 2013 in Riyadh, an agreement for the allocation of $ 400 million, the first installment of a gift granted by the Saudi Arabia to Morocco to finance development projects in the Kingdom.
The signing of this agreement, which follows the visit last October by His Majesty King Mohammed VI in some Gulf countries, is the result of a strategic partnership between the Kingdom of Morocco and the Gulf Cooperation Council (GCC)..
This amount is part of a global donation of $ 1.25 billion that Saudi Arabia promised to Morocco and used to finance development projects within the framework of NIHD in key sectors such as agriculture, education, health and housing.
As part of the strategic partnership between Morocco and the GCC, signed in 2011, the Council decided to create a support fund with 5 billion for the period 2012/2016, with contributions from the Saudi Arabia, Qatar, the United Arab Emirates (UAE) and Kuwait to finance development projects that have a direct and effective impact on improving the living conditions of Moroccan citizens.