UAE Loans Morocco USD 2.5 Billion for 76 Development Projects

 The Abu Dhabi Fund for Development (ADFD) has granted a total of USD 2.5 billion worth of loans to Morocco for investments across 76 development projects, said the ADFD in a statement.

These projects cover investments in various sectors, including transport, housing, water and agriculture, education, and healthcare, wrote the ADFD report country report.

The ADFD projects “have been designed to assist the achievement of the country’s development goals” and provide funding “for vital projects that help accelerate economic and social development in Morocco.”

ADFD currently owns equity shares in several Moroccan companies, including the telecommunications, agriculture and livestock, tourism, and industrial sectors.

On Throne Day (July 30), Mohammed Saif Al Suwaidi, Director-General of ADFD, expressed his congratulations to the Moroccan royal family, government, and people and wished them continued prosperity.

“At ADFD, we are truly proud of our cooperation with the Moroccan government,” he said. “Together, we have supported many strategic and sustainable projects that have boosted economic growth and elevated living standards in Morocco.”

ADFD has enjoyed strong relations with the Moroccan government since the Fund started its development activities more than 40 years ago, noted the report, adding that bilateral relations have been based on the common aim of achieving sustainable development in all economic sectors.

ADFD began cooperating with Morocco since 1974, with loans and grants amounting to AED 7.3 billion to fund several projects in infrastructure, social development, healthcare, and housing

source:moroccoworldnews