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Saudi Arabia to offer 400 mln USD for Moroccan development projects

English.news.cn   2013-03-12 07:53:23            

RABAT, March 11 (Xinhua) -- Moroccan ministry of economy and finance and the Saudi Fund for Development on Monday signed an agreement to allocate 400 million U.S. dollars to Moroccan development projects, the official television Aloula reported.

This amount is the first part of a donation of 1.25 billion dollars Saudi Arabia promised Morocco.

The donation is set to finance the implementation of projects mainly related to rural development, including an irrigation project in northern Morocco, a highway and a housing project in Casablanca.

As part of the strategic partnership between Morocco and the Gulf states, a donation of 5 billion dollars, with contributions from Saudi Arabia, Qatar, the United Arab Emirates (UAE) and Kuwait, is decided to finance Moroccan development projects over the period 2012-2016.

Editor: Luan
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