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Tuesday, December 6, 2022

Morocco Signs Loan Agreement with WB to Finance North-East Economic Development Project

A loan agreement amounting to €236.7 million for the financing of the North-East Economic Development project was signed Monday in Rabat by Economy and Finance Minister Nadia Fettah and World Bank (WB) Director for the Maghreb and Malta, Jesko Hentschel.

This signing took place at the end of a meeting between Fettah and the WB MENA Region Vice-President Ferid Belhaj, currently on a working visit to Morocco on 12 and 13 September 2022, said a statement from the Ministry of Economy and Finance.

On this occasion, the Moroccan minister thanked the World Bank for the financial and technical support that this institution provides to Morocco to materialize priority reform projects launched under the enlightened leadership of His Majesty the King, the same source added.

For his part, the WB MENA Region Vice-President welcomed the excellent cooperation relations between his institution and Morocco, stressing in this regard the readiness of the Bank to continue its support to the economic and social development efforts of the Kingdom.

The two parties also reaffirmed their common desire to successfully organize the next Annual Meetings of the World Bank Group and the International Monetary Fund (IMF), scheduled for October 2023 in Marrakech.

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