Global Arab Network | Saudi-based Islamic Development Bank to finance electricity projects in Morocco

Translate this article to your language:

GANPublications

e-Publications

Add Site to Favorites

Add Page to Favorites

Make Homepage

Share This Page

RSS Feed

--------------------------------------------------------------------------------------------------------------------
| |

Saudi-based Islamic Development Bank to finance electricity projects in Morocco

Global Arab Network - - Mohammed Almasri

Wednesday, 24 November 2010 17:23

Morocco (Rabat) - Morocco and the Saudi-based Islamic Development Bank (IDB) have inked several agreements worth 51.7 million dollars (around 410 million dirhams) to finance the last phase of the rural electrification program.

The deals were concluded by Economy Minister Salaheddine Mezouar and IDB's Chairman Ahmed Mohamed Ali. The signing ceremony was attended mainly by Energy Minister Amina Benkhadra and head of Morocco's electricity facility (ONE) Ali Fassi Fihri.

On this occasion, Mezouar lauded the outstanding role played by the IDB in promoting Morocco's socio-economic development and spurring its economic growth.

He also stressed that the Bank is a key-partner of Morocco, mainly in terms of carrying out social development programs, including the rural electrification program.

The IDB's chairman hailed the excellent relations between the north African country and the Bank, underlining the importance of partnership with the ONE which contributed to the rural electrification program in Senegal, thus bolstering Morocco's crucial role in backing the development of the IDB's Sub-Saharan member states.

Since 1975, the funding of the Islamic Development Bank for Morocco totaled some 31 billion dirhams (3.8 billion dollars), invested notably in the sectors of agriculture, irrigation, rural electrification and drinking water.
(MAP)

Global Arab Network

Add comment

The opinions of the authors in articles published are theirs alone and do not necessarily reflect the views of Global Arab Network
------------------------------------------------------------------------------
Published comments are the opinions of private individuals and do not reflect the views of Global Arab Network