Saudi Development Fund approves $220 million loans package to Morocco
The Saudi Development Fund is expected to approve a 828 million Saudi riyal ($220.8 million) loan package to Morocco in the near future, reports Al-Hayat daily.
Following the latest visit of Crown Prince Abdullah Bin Abdul-Aziz of Saudi Arabia, the Saudi embassy in Rabat confirmed that the Fund is to grant the loans to finance development projects in Morocco up until 2004.
According to the embassy, the total value of loans provided by Saudi Arabia to Morocco, most of which were from the Saudi Development Fund, amounted to 13.3 billion Moroccan dinars ($1.11 billion).
Furthermore, these loans consists of nearly $1 billion worth of discount rate or special term loans provided by the Saudi treasury to the Moroccan treasury, financing 14 development projects in Morocco. –(MENA Report)
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