Global Arab Network | Arab Monetary Fund, Morocco sign $ 220 million financing agreement

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Arab Monetary Fund, Morocco sign $ 220 million financing agreement

Wednesday, 14 July 2010 12:27

Rabat - Morocco and the Arab Monetary Fund (AMF) signed, on Tuesday in Rabat, a financing agreement worth nearly 2 billion dirhams ($ 220 mln) to develop financial and banking services offered by the Fund as part of its cooperation with Morocco.

The agreement was signed by Morocco's Economy and Finance Minister, Salaheddine Mezouar, and Director General, Chairman of the Board of the Arab Monetary Fund, Jassem El Manaï.

Mezouar hailed on this occasion the AMF's actions in favour of strengthening the economic and financial stability in Morocco and supporting efforts aimed at developing the financial sector.

For his part, El Manaï said that the agreement is meant to improve the conditions for granting financial services, strengthen governance in the financial sector and revitalize capital markets.

He added that the Fund will continue to support Morocco through its contribution to financing structural and institutional reforms undertaken by the north African country.

The Fund has also contributed to the implementation of several reforms in Morocco through the training of staff working in the financial and monetary sector, Manaï said, adding that nearly 360 Moroccans participated in trainings organized by the Fund in the economic, banking, monetary and financial sectors.

Created in 1976 in Rabat, the AMF aims at supporting the Arab states through the implementation of economic and financial adjustment programmes and contributing to the promotion of trade between Arab countries. (MAP)

Global Arab Network

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Last Updated on Wednesday, 14 July 2010 12:31

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