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Morocco, Spain sign [euro]520 mln agreement.

Summary: Spain and Morocco signed, Tuesday in Madrid, a [euro]520 mln financial agreement to fund development projects in Morocco.

Spain and Morocco signed, Tuesday in Madrid, a E520 mln financial agreement to fund development projects in Morocco. <p>The agreement, signed in the framework of the 9th Moroccan-Spanish high level meeting under the co-chairmanship of the two countries' Prime Ministers, Abbas El Fassi and Jose Luis Rodriguez Zapatero, concerns concessional credits amounting to E400 mln benefiting public projects and unconditional concessional credits worth E100 mln, in addition to a donation of E20 mln.

The E400 mln concessional credits will be devoted to the acquisition of Spanish goods and services to serve public projects carried out by Spanish firms in Morocco.

The two parties will ratify by a common agreement these projects that concern the sectors of renewable energy, environment, drinking water supply, wastewater treatment in addition to transport and telecommunication infrastructure.

The E100 mln unconditional concessional credit will fund public projects in Morocco benefiting the sectors of agriculture, rural development, renewable energies, water and transports, while the donation will serve to finance studies on the definition, feasibility and evaluation of public projects.

Spain will provide technical assistance relating to sector or institutional reforms carried out by Spanish firms and agreed upon by the two countries.

Spain has showed will to officially support commercial export credits benefiting the Moroccan public sector designed either for viable operations from a commercial point of view, or for complementing the financial facilities provided for in the agreement signed at the 9th Moroccan-Spanish high level meeting.

During a joint press briefing at the end of the meeting, El Fassi and Zapatero said the agreement demonstrates the importance and excellence of bilateral relations.

"The financial agreement is the most important agreement ever signed by Spain with an other country, as it confirms the good political, economic, social and cultural relations between Morocco and Spain" said Zapatero during the press briefing, adding that Spain is resolved to further boost relations with Morocco that has "an ambitious development program."

For his part, El Fassi insisted on "fostering confidence between Morocco and Spain and the consolidation of friendship between the peoples of the two countries".

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Publication:UMCI News (Potomac Falls, VA)
Date:Dec 17, 2008
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