Monday, November 10, 2008

Kuwaiti Fund lends Morocco USD 55.5mn for road project.

Source: IntelliNews - Middle East and North Africa Today

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Kuwaiti Fund lends Morocco USD 55.5mn for road project. Kuwait and Morocco will sign loan deals worth KWD 15mn (USD 55.5mn) to fund transportation projects east of the Morocco, especially the highway project linking Fez and Oujda cities, Kuwait News Agency-Kuna reported. The fund will be provided by Kuwait Fund for Arab Economic Development (KFAED). In November last year, KFAED signed a similar deal which was used to develop 500km of road in the Moroccan countryside. By the signing of this deal, the Fund's operations in Morocco have reached about KWD 351mn (USD 1.3bn) which was used to fund agricultural, irrigation, dams, and road projects.

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Kuwaiti Fund lends Morocco USD 55.5mn for road project.

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