Morocco to receive 425 million euros worth of aid by 2004
The European Union and Morocco signed a bilateral financial cooperation accord valued at 425 million euros, reported Al-Hayat . The agreement, which was signed two days ago, will be valid until 2004. The European aid will finance various economic projects in Morocco in the sectors of tourism, textiles, modern technology, transportation, communication and public administration. In addition, the financing will support projects launched by the Moroccan private sector. Morocco received 630 million euros worth of aid between the years of 1996 to 1999. The decrease in financing is attributed to the dispute over the renewal of a fishing agreement.
Official sources reveal that the value of Moroccan-European commercial exchanges hit $16 billion per annum. This figure consists of a four billion dollar surplus in favor of the European Union. — (menareport.com)
© 2002 Mena Report (www.menareport.com)