Italy writes off $55 million of Morocco’s debts
Italy recently decided to write off $55 million of Morocco’s debts, according to Al-Sharq daily. This move represents the first phase of a bilateral agreement signed in April 2000 to write off $100 million of Morocco’s debts.
Under the agreement, the Moroccan government must allocate $55 million to various social and economic development projects, as well as to environment protection programs. These include school and road construction, in addition to land reclamation projects.
Morocco plans to reduce its foreign debt by at least $1 million a year, most of which is owed to France, Spain and Italy. –(MENA Report)
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