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FINANCIAL NEWS
Morocco inks $220m deal with AMF
14 Jul 2010
(MENAFN) Morocco and the Arab Monetary Fund (AMF) have signed a financing agreement worth nearly $220 million to develop financial and banking services offered by the Fund as part of its cooperation with Morocco, Agence Maghreb Arabe Presse reported.
The agreement was signed by Morocco’s Economy and Finance Minister Salaheddine Mezouar and Director General and Chairman of the Board of the Arab Monetary Fund Jassem El Manai. 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 Manai 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.
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