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Rabat – Morocco and the Saudi Fund for Development (SFD) signed a memorandum of understanding on Tuesday in Rabat on the granting of a USD 100 million to support the financing of SMEs in Morocco.
Signed on the sidelines of the Annual Meetings of the Arab Financial Institutions by minister of Economy and Finance, Mohamed Boussaid, Bank Al Maghrib’s Wali, Abdellatif El Jouahri and vice-president of SFD, Yousef Bin Ibrahim Al-Bassam, the agreement aims to finance small and medium projects in Morocco.
This SFD donation will support Morocco’s efforts to finance SMEs, who help create jobs and strengthen the national economy, Boussaid said on this occasion.
The minister also thanked Al-Bassam for the interest of the Saudi Fund in supporting the economic and social development in Morocco, which he said raeflects the will of the two countries, under the leadership of King Mohammed VI and King Salman Ben Abdulaziz Al Saud, to consolidate the fraternal and historical relations between the two kingdoms.
Al-Bassam highlighted the excellent relations between the SFD and Morocco, expressing the Fund’s willingness to take part in the financing of economic and social development projects in Morocco.
