Saudi Fund Contributes to Low-Cost Housing Projects in Morocco

Published April 4th, 2001 - 02:00 GMT

The Saudi Development Fund (SDF) has extended Morocco a sum of 45 million Saudi Rials loan (about $ 11.36 million) to co-finance low-cost housing projects, Morocco’s official news agency (MAP) reported. 

The loan, according to MAP, is subjected to a preferential interest rate of 3 percent, will be repaid over 20 years.  

The Saudi fund will cover 73 percent of the 220 hectare housing project, which will comprises 10,000 houses in Selouane in the north-eastern city of Nador, and a second project in Ain Aouda in the region of Rabat which consists of some 3000 plots of lands covering 86 hectares – Albawaba.com


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