Rabat – Morocco and the Arab Fund for economic and social development signed here on Tuesday conventions under which the fund extends Morocco loans and guarantees worth 1.5 billion MAD for the Tanger Med2 port project.
Signed by Morocco’s economy and finance minister, Mohamed Boussaid, and the Fund general manager Abdellatif Youssef Al Hamad, the convention will be financing the 2nd phase of the Tanger Med 2 port project.
“The project is extremely important to reinforce basic infrastructure in north Morocco through the construction of a new port that will be an extension of the Tanger Med 1 port. This will increase the capacity of containers from 3 to 8 million containers annually”, said the Moroccan ministry.
Between 1975 and 2012, the Arab Fund has extended Morocco 34 billion MAD in funds to finance various sectors, notably roads and highways, dams, drinking water, education and human development, he recalled.
The fund has already contributed 177 million MAD to the first phase of the Tanger Med 2 port project, scheduled to be completed by end 2014.
The Arab Fund for economic and social development is an Arab finance institution established in 1971 to support Arab countries’ economic and social development through loans, technical assistance and donations.