Home Economy Morocco Receives $7.6 Billion from Islamic Development Bank

Morocco Receives $7.6 Billion from Islamic Development Bank

Morocco Receives $7.6 Billion from Islamic Development Bank
(R) Abdelilah Benkirane, appointed Head of Government. (L) Mohamed Boussaid, Minister of Economy and Finance

Rabat – Morocco has received a total of USD 7.6 billion from the Islamic Development Bank (IDB) group since its establishment in 1974, according to Bandar Al-Hajjar, president of the IDB.

Morocco Receives $7.6 Billion from Islamic Development Bank
Bandar Al-Hajjar, President of the IDB

During the Arab-Africa Trade Bridges forum held in Rabat February 22 and 23, Al-Hajjar highlighted its current project, telling reporters that “the bank is carrying out a number of projects estimated at USD 1.2 billion.”

Al-Hajjar went on to highlight the strategic ties between Morocco and the IDB, noting that the IDB will keep supporting Moroccan development projects, especially those that offer job opportunities and improve citizens’ socio-economic status.

Al-Hajjar also praised Morocco’s efforts towards renewable energy, saying that there is a bilateral cooperation between the IDB and Morocco to share Moroccan experiments in this field with Sub-Saharan countries.

Based in Jeddah, Saudi Arabia, the IDB has supplied Morocco with several loans over the past few years.

In 2014, the IDB amounted to MAD 1.8 billion to Morocco in order to carry out drinking water supply projects in the regions of Agadir and Chtouka Ait Baha, as well as the olive sector for small farmers.

In the same year, oil refiner Samir received a loan of $240 million to finance crude oil imports.

In 2013, Morocco’s state-run phosphate, OCP Group, (Office Cherifien des Phosphates) has received a $150 million  loan to improve its infrastructure and repair facilities at Jorf Lasfar, a deepwater commercial port located on Morocco’s Atlantic coast.

The IDB has also embarked on signing agreement with partners to invest in Morocco.  In 2014, it signed a joint agreement with Kuwait Investment Authority (KIA) to invest in Moroccan private sectors.

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