Mr. Mohammed BOUSSAID, Minister of Economy and Finance, and Mr. Ibrahim Ben Abdelaziz Al ASSAF, Minister of Economy of Saudi Arabia, signed, Wednesday, April 6th, 2016 in Manama, three funding agreements amounting to $ 230 million as a refundable grant and this, on the sidelines of the joint annual Meetings of Arab financial institutions and the Council of Ministers of Arab Finance that take place in Bahrain.
This Saudi financial contribution aims to finance the first part of agricultural irrigation project on the Saiss in Fez-Meknes region ($ 80 million) and the project on medical equipment for public hospitals ($ 50 million) and the support project of Small and Medium- sized Enterprises financing program ($ 100 million).
In his speech, Mr. BOUSSAID praised the level of cooperation relations established between the Kingdom of Morocco and the Kingdom of Saudi Arabia as well as with the Saudi Fund for Development. He also highlighted the effective participation of the Fund in enabling the use of this grant that led to the signing of financing agreements for priority projects under government programs, namely water projects and those relating to dams, ports, agriculture, social housing, education, roads, health, with an estimated $ 1.04 billion.
On the other hand, Mr. Ben Abdelaziz Al ASSAF focused on the excellent relationship between the two countries, indicating the interest of the Kingdom of Saudi Arabia to finance the Moroccan projects undertaken within the context of the economic and social development.