China supports Morocco’s economy with €4 million loan
The Chinese government has extended a €3.8 million dollar loan to Morocco to help finance public works projects in the Arab state, reported MAP.
In addition to the loan, China presented the Moroccan government with a €500,000 grant that will fund a series of smaller projects and the purchase of Chinese equipment.
China began supporting the Moroccan economy in 1961 and mutual cooperation between the two states was initiated in 1983. The People’s Republic exports light industrial products, textiles, green tea, mechanical and electronic products to Morocco and imports phosphates, chemical fertilizer and cobalt sand from the North African country.
Trade between the two countries reached $300 million in the first seven months of 2003 and $400 million for the whole year of 2002. — (menareport.com)
© 2004 Mena Report (www.menareport.com)