Saudi to invest $1.25bn in Moroccan projectsby CW Staff on Oct 18, 2012
Saudi Arabia is to invest $1.25bn into projects in Morocco through the Saudi Fund for Development (SFD), Arab News reports.
Finance Minister, Ibrahim Al-Assaf, said Saudi Arabia would finance a number of development projects in health, education, transport, communication, hotels, and agriculture.
The funding is part of an aid package extended to Morocco and Jordan by four GCC countries, with Morocco receiving $5bn in total.
The Saudi private sector currently invests in Morocco’s tourism, industry, agriculture and ports and Al-Assaf described Morocco as one of the best places for investment in the Arab world.
“Saudi Arabia and Morocco have gone a long way in discussing projects to be financed by SFD and both sides have agreed to set up a technical committee for the purpose,” Al-Assaf said, adding that an SFD delegation would soon visit Morocco to finalise the projects.
“We also discussed partnership between the government and the private sector, boosting joint investment projects and expanding trade exchange,” Al-Assaf said.
SFD has played a big role in supporting Morocco in the past and it will continue to finance development projects in the country in the coming phase, the minister added.