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FINANCIAL NEWS
KFAED, Morocco sign USD91.18m fund
21 Jul 2011
(MENAFN) Kuwait Fund for Arab Economic Development’s (KFAED) Director General, Abdulwahab Al Bader, stated that the fund signed an USD91.18 million deal with the Moroccan government by which KFAED would finance a high-speed train project linking Tangiers with Casablanca, reported KUNA.
Al Bader also said that the funding for the train project would take place over the course of the coming 25 years. He pointed out that the fund had a low interest rate as well as a grace period.
The Director General pointed out that the Kuwaiti-Moroccan relations were strong and on a deep level as Morocco is the second recipient of KFAED’s funds at USD1.2 billion.
It is worth noting that that the high-speed train would greatly benefit Morocco as it would help the country improve its transportation sector and its railroad links as well facilitate any future linkage projects.
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