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FINANCIAL NEWS
Morocco gets $69m loan from Kuwait
16 Oct 2010
(MENAFN) Kuwait has signed a deal with Morocco to lend the latter $69 million aimed at assisting the country in an electricity network project in the south, Kuna reported.
The deal was signed by representatives of the Kuwait Fund for Arab Economic Development (KFAED) and the Moroccan government, as part of the visit of Kuwaiti Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to the kingdom.
For KFAED, the deal was signed by its Director General Abdulwahab Al-Bader and Head of the Moroccan electricity board Al-Fasi Al-Fehri on the Morrocan side.
Also, a guarantee for the deal was signed on behalf of the KFAED by Deputy Prime Minister and Foreign Minister Sheikh Mohammad Sabah Al-Salem Al-Sabah and Moroccan Minister of Economy and Finance Salahiddine Mezwar.
The deal is to reinforce an electric network in the south of Morocco, expected to generate solar and wind power as part of a strategic plan to produce clean energy for the years in between 2008 and 2015.
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