Kuwaiti Fund Loans Morocco $5m for Highway Construction
The Kuwaiti Fund for Arab Economic Development has granted Morocco a loan worth US$ 5.7 million as a contribution to financing the Casablanca-El Jadida highway, reported the official Maghrebe Arab Presse (MAP).
The loan, extended at 4% interest rate is reimbursable in 20 years with a four-year grace period.
The accord was signed by general manager of the Fund, Badr Mechari El Homeidi, and general manager of Morocco’s highways company (ADM), Othman Fassi Fehri.
The loan, said MAP, will cover 38 percent of the highway total cost, estimated at $136.3 million.
It will finance a 79 km-long stretch of the highway, said the agency – Albawaba.com