Jeddah, KSA, 11.02.2013 – During an official visit to Morocco last week, the Chairman of the IDB Group, Dr. Ahmad Mohamed Ali signed three financing agreements for US$ 296 million with the Moroccan Minister of Economy and Finance. On the occasion, the President also held discussions with HE Nizar Baraka, Minister of Economy and Finance and IDB Governor; the Minister of Energy, Mines and Water; Minister of Awqaf and Islamic Affairs as well as the Governor of the Central Bank of Morocco.
The first financing agreement for US$ 200 million for power generation is expected to provide 170 extra megawatts of power to the Upper Sebou River region in the north of the country and meet the 42% rise in electricity demand by the year 2020. The project is part of Morocco’s comprehensive development program which also envisages increasing the volume of harnessing surface water for irrigation purposes and protecting the regions below the river at the time of seasonal floods.
The second agreement for US$ 84.8 million for drinking water projects in eight regions in the country is expected to further increase public access to drinking water. According to the third agreement, IDB will contribute US$ 11 million towards rural roads network and help eradicate poverty in those regions.
The IDB Group since its inception has approved US$ 5.2 billion towards financings various projects in Morocco in the sectors of power generation, agriculture, education, health, transport, industry, mining, water supply and rural development as well as for trade operations.