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2007-03-18
AFESD loans $104.7m to Morocco for Fez-Oujda motorway
The Arab Fund for Economic and Social Development (AFESD) loaned Morocco $104.7m to finance the motorway linking Fez to Oujda. The loan agreement was signed by Moroccan Finance Minister Fathallah Oualalou and AFESD CEO Abdellatif Youssef Al Hamad on Friday (March 16th).
The project, to be completed by 2010, is estimated to cost $1 billion, and is co-financed by other foreign financial institutions -- such as the Kuwait Fund for Arab Economic Development, which granted $104.7m and the European Investment Bank which pledged $230.4m. The 328km motorway will be included in the Maghreb motorways network, from Nouakchott to Tobrouk, Libya. (MAP)
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