IDB Funding for Morocco Amounts to $6.8 bln by 2017

Morocco ranks as the sixth largest recipient of the Islamic Development Bank funding with total loans amounting to $6.8 billion said Economic and Finance Minister Mohamed Boussaid.

Speaking at the opening of the 43rd annual meeting of the group, Boussaid said the bank offered $2.9 billion to fund development projects in areas covering energy, transport, sewage, agriculture, foreign trade, private sector and public enterprises.

Morocco has also benefited from IDB’s funding ($1.3 billion) in terms of investment insurance and export loans, Boussaid added.

As part of Morocco’s Africa foreign policy, the Minister urged the bank to engage in a three-party partnership involving Sub-Saharan countries.

In this respect, he mentioned vocational training, renewable energies, agriculture and rural electrification as future cooperation areas.

The Jeddah based IDB is the largest development organization in the Muslim world.