Rabat - The Ministry of Economy and Finance and the Saudi Fund for Development (SFD) conducted Monday in the Ethiopian capital Addis Ababa, the signing of an agreement for the allocation of US$ 175 million to finance development projects in Morocco.
Rabat – The Ministry of Economy and Finance and the Saudi Fund for Development (SFD) conducted Monday in the Ethiopian capital Addis Ababa, the signing of an agreement for the allocation of US$ 175 million to finance development projects in Morocco.
The agreement was signed by Moroccan Minister of Economy and Finance Mohammed Boussaid and the Saudi Fund for Development Vice President and Board Member Yousif bin Ebrahim Al Bassam.
The agreements cover vital projects, including US$ 142 million for the construction of a University Hospital and US$ 30 million for a Medical school in the southern city of Agadir.
According to the Moroccan Ministry of Economy, “the two projects (…) will have a positive impact since they will promote the emergence of a health care center in the region of Souss Massa Draa, and will improve the health care provision for the benefit of the population of Morocco’s southern region.”
The amount is part of the fourth phase of a global donation of $1.25 billion by Saudi Arabia attributed within the framework of the strategic partnership between Morocco and the Gulf countries. The first three phases with a total value of US$ 865 million were signed in 2013 and 2014.
In 2011, Morocco and the Gulf Cooperation Council (GCC) countries signed a strategic partnership for the creation of a support fund with US$ 5 billion as a donation for the period 2012/2016. The fund has contributions from Saudi Arabia, Qatar, the United Arab Emirates and Kuwait.
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