AFSED loans Morocco $ 219.8 mln to fund development projects.Summary: Morocco and the Arab Fund for Economic and Social Development The Arab Fund for Economic and Social Development, or AFESD, is a Kuwait based, pan-Arab development finance institute. All members of the League of Arab States are members of the fund. As of 2003, it held around U.S. $7.3 billion in assets. (AFSED) signed, here Tuesday, three loan agreements of 1.767 billion Moroccan dirhams Noun 1. Moroccan dirham - the basic unit of money in Morocco; equal to 100 centimes dirham centime - a fractional monetary unit of several countries: France and Algeria and Belgium and Burkina Faso and Burundi and Cameroon and Chad and the Congo and Gabon (219.8 US dollars) to finance projects in the sectors of motorways and water. Morocco and the Arab Fund for Economic and Social Development (AFSED) signed, here Tuesday, three loan agreements of 1.767 billion Moroccan dirhams (219.8 US dollars) to finance projects in the sectors of motorways and water. <p>The first agreement will provide funds for the 199km-long Taza-Oujda section of the Fez-Oujda motorway, which is part of the Maghreb (Algeria, Libya, Mauritania, Morocco and Tunisia) motorway. The second provides for building a third lane in each side of the Casablanca-Rabat motorway. As for the third agreement, it provides for financing 52% of the total cost of the Zerrar dam project. The dam has an annual capacity of 18 million cubic meters Noun 1. cubic meter - a metric unit of volume or capacity equal to 1000 liters cubic metre, kiloliter, kilolitre metric capacity unit - a capacity unit defined in metric terms , which enables to irrigate ir·ri·gate v. To wash out a cavity or wound with a fluid. 15,000 hectares, prevent floods and meet the growing demand for drinking water drinking water supply of water available to animals for drinking supplied via nipples, in troughs, dams, ponds and larger natural water sources; an insufficient supply leads to dehydration; it can be the source of infection, e.g. leptospirosis, salmonellosis, or of poisoning, e.g. in the province of Essaouira (centre of Morocco). The agreements were signed by the Finance Minister, Salaheddine Mezouar, the chairman of the AFSED' board of directors, Abdullatif Youssef Al-Hamad. Mezouar voiced satisfaction with the 45-year co-operation relations between Morocco and AFSED. He underlined the special attention the fund gives to the development dynamic in the kingdom through projects financing in such important sectors as agriculture, irrigation irrigation, in agriculture, artificial watering of the land. Although used chiefly in regions with annual rainfall of less than 20 in. (51 cm), it is also used in wetter areas to grow certain crops, e.g., rice. and motorways. And Youssef Al-Hamad highlighted the progress achieved by Morocco in the economic and social fields despite challenges facing it, building on good governance The terms governance and good governance are increasingly being used in development literature. Governance describes the process of decision-making and the process by which decisions are implemented (or not implemented). and affective planning. Morocco's achievements are a source of pride in relation to countries that have important natural resources, he said. Morocco is the first beneficiary of AFSED' loans, with a total of 3 billion dollars over 1974-2008. Aa Copyright UMCI News Provided by Syndigate.info an Albawaba.com company |
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