IDB grants Morocco $7.3 million for energy expansion
The Islamic Development Bank (IDB) will grant the government of Morocco two loan and guarantee agreements worth $7.3 million. The assistance will finance a governmental program to connect 69 percent of rural Morocco to the national grid by 2004. The total cost of the project stands at $13 million.
Some 238 villages in the Tetuan, Ifrane and Safi provinces will be connected to the national grid. IDB has already contributed $38.96 million to electrification projects in Morocco that benefited 41,715 households.
IDB consists of 53 member-countries, with each country being a member of the Organization of the Islamic Conference. The purpose of the Bank is to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles of Shari'ah Law. — (menareport.com)
© 2002 Mena Report (www.menareport.com)