World bank reaches loan agreement of €236.7 million with Morocco’s Economy Ministry

The World Bank announced that it has reached a loan agreement with Morocco’s Economy Ministry amounting to €236.7 million for the financing of the North-East Economic Development project.

The loan agreement was signed by the Minister of Economy and Finance, Nadia Fettah Alaoui, and the Director of the Maghreb and Malta Department at the Middle East and North Africa (MENA) Regional Office of the World Bank (WB), Jesko Hentschel.

On this occasion, the Economy Minister thanked the World Bank for the support and accompaniment, both financial and technical, that this institution provides to Morocco for the realization of priority reform projects launched under the enlightened leadership of the King.

The Vice President of the World Bank for the MENA region welcomed the excellent cooperation relations between the WB and Morocco, stressing in this regard, the Bank’s readiness to continue its support to the economic and social development efforts of the Kingdom.

Both parties also reaffirmed their common will to successfully organize the next Annual Meetings of the World Bank Group and the International Monetary Fund (IMF), set to take place on October 2023 in Marrakech.