Morocco, AFESD sign over $ 200 mln financing agreement

Morocco and the Arab Fund for Economic and Social Development (AFESD) signed, on Thursday in Rabat, a 1.8 bln dirham ($ 214 million) agreement to contribute to the financing of the Tangier-Med II and Dar Khrofa dam projects.

 

The signing ceremony was presided over by Moroccan Economy Minister, Salaheddine Mezouar, Director General and President of AFESD’s Board of Directors, Abdellatif Youssef Al Hamad and President of the Executive Board of Tangier-Mediterranean Special Agency (TMSA), Toufiq Ibrahimi.

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[1] Morocco, AFESD sign over $ 200 mln financing agreement


Archive pour novembre, 2010

Morocco,success story economically

Morocco is, in many ways, a « success story » economically, said Assistant Secretary of State for Economic, Energy and Business Affairs, José W. Fernandez, underlining that he was « very much impressed » by the economic growth achieved in the last few years and the opportunities that the country offers. »Morocco is, in many ways, a success story economically, » the American official told MAP in an interview, highlighting Renault Nissan’s announcement of a billion dollar investment project in Tangiers to produce cars which will be exported to Europe. Proximity to Europe was among the reasons that motivated the French firm’s choice, as they « believed the infrastructure would be built and would be able to support this investment, » underlined Fernandez, who will pay a visit to Morocco, on December 6-7, as a part of a Maghreb tour.Fernandez, who attended the World Economic Forum, held in Marrakech on October 26-28, underscored that « liberalization helped Morocco to compete, » noting that the kingdom enjoys « a great potential to export not just to the US but to Europe as well. » American investors would like to see better relations between Morocco and the US, as they believe there are great opportunities, he stressed, adding that he « would like to see more trade between Morocco and the USA. »Since the Free Trade Agreement came into effect in 2006, economic trade between Morocco and the US posted a 150% increase, reaching 2.3 billion dollars.In addition to Morocco, the American official will visit Libya, Tunisia and Algeria, where he will take part in a summit on the US-Maghreb entrepreneurship, the US Department of State announced on Wednesday.This tour aims to « promote entrepreneurship and deepen economic relations with the Maghreb, » the same source maintained.

 

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[1] Morocco, « success story » economically, American official says

Morocco,rural electrification

Morocco and the Saudi-based Islamic Development Bank (IDB) inked, on Tuesday in Rabat, several agreements worth 51.7 million dollars (around 410 million dirhams) to finance the last phase of the rural electrification program.

 The deals were concluded by Economy Minister Salaheddine Mezouar and IDB’s Chairman Ahmed Mohamed Ali. The signing ceremony was attended mainly by Energy Minister Amina Benkhadra and head of Morocco’s electricity facility (ONE) Ali Fassi Fihri.

 

On this occasion, Mezouar lauded the outstanding role played by the IDB in promoting Morocco’s socio-economic development and spurring its economic growth.

 

He also stressed that the Bank is a key-partner of Morocco, mainly in terms of carrying out social development programs, including the rural electrification program.The IDB’s chairman hailed the excellent relations between the north African country and the Bank, underlining the importance of partnership with the ONE which contributed to the rural electrification program in Senegal, thus bolstering Morocco’s crucial role in backing the development of the IDB’s Sub-Saharan member states.Since 1975, the funding of the Islamic Development Bank for Morocco totaled some 31 billion dirhams (3.8 billion dollars), invested notably in the sectors of agriculture, irrigation, rural electrification and drinking water.

 

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[1] Morocco,IDB sign $51.7mln-agreements to finance rural electrification project Morocco,IDB sign $51.7mln-agreements to finance rural electrification project

Moroccan economy was able to withstand the global crisis

The measures taken by Morocco to handle the global economic crisis enabled it to better manage its impact, Managing Director (MD) of the World Bank (WB), Sri Mulyani Indrawati, said on Monday in Rabat, commending the good performance of the Moroccan economy.

In a statement to the press following a meeting with Morocco’s Foreign Minister, Taib Fassi Fihri, Indrawati deemed as « positive » and « very good » the WB’s relation with Morocco. She expressed the Bank’s readiness to provide assistance to the Moroccan government for the implementation of social development projects. In a similar statement, Fassi Fihri said that his meeting with Indrawati was an opportunity to reaffirm the importance that Morocco attaches to the opening up of its economy and developing strong business relations with several countries around the world, including the European Union and the United States.The World Bank official shares the views of Morocco on the importance of effective integration of the Maghreb, which has unfortunately taken a long time to be achieved, Fassi Fihri added.During her stay in Morocco, Indrawati will meet with government officials as well as with representatives of the private sector and civil society.

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Moroccan economy was able to withstand the global crisis, World Bank MD says

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