São Paulo – The Saudi Fund for Development (SFD) and the Ministry of Economy and Finance of Morocco signed on Monday (11), in Riyadh, the transfer of US$ 400 million for use in development projects in the African country. According to Maghreb Arabe Presse (MAP), the funds are the first part of a donation promised by the Saudis.
In total, the Saudi government should transfer US$ 1.25 billion to Morocco. The funds should be used in agriculture, housing, education and health projects developed by the National Initiative for Human Development (INDH) of Morocco.
The plan was developed by the government of Morocco in 2005 to execute projects to promote better quality of life for the country’s population, both in rural and urban areas. It was divided into two phases: the first, between 2006 and 2010, and the second, between 2012 and 2016.
Some 60% of the project will be financed by the government of Morocco and the remaining share will be covered by foreign partners. The World Bank, for example, contributed with US$ 1 billion.
Donations by the Saudis are part of an agreement between Morocco and the Gulf Cooperation Council (GCC), which has agreed to pledge US$ 5 billion between 2012 and 2016. Of the countries that make up the GCC (Saudi Arabia, Bahrain, Qatar, the United Arab Emirates, Kuwait and Oman), only Oman should not grant money to Morocco.
According to MAP, the donation to Saudi Arabia was announced after the king of Morocco, Mohammed VI, visited the Gulf. A press statement by the government of Morocco shows that the donation of the Saudis announced on Monday is the "fruit of a strategic partnership" between Morocco and the countries of the GCC.
*Translated by Mark Ament
