Arab Fund Loans Morocco $50m
Morocco has received a $50 million loan from the Arab Fund for Economic and Social Development to finance construction of a highway between Casablanca and Al Jadida, Morocco’s official news agency, MAP, reported Friday.
The loan aims at building a seven-meter wide highway stretching for 79 kilometers and will cover construction of bridges, tunnels, fences and buildings for the customs department.
According to the loan agreement, Morocco will have 22 years to pay it back, with a five-year grace period and an annual interest rate of 4.5 percent, said the agency – Albawaba.com
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