Morocco: WB doubles loans to $2.4bn

  1. Posted on Wednesday 17 February 2010 - 13:05
    KingsleyKobo
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    Kingsley Kobo, AfricaNews reporter in Abidjan, Ivory Coast
    The World Bank will double loans destined for Morocco to $2.4 billion through 2013, in a bid to assist the country's efforts in reducing mass poverty and spurring growth, Reuters said on Tuesday.
    Morocco map
    Morocco’s Economic Affairs Minister Nizar Baraka told reporters in Rabat (capital) on Tuesday that his country would receive within the next three years an annual World Bank’s loan of $600 million instead of the hitherto $300 million allocation.

    Baraka affirmed that the boost was a signal of Morocco’s credible development programmes and reforms.

    Flanked by World Bank officials, the minister explained further how his government aimed in the next five years to improve governance, expand access to basic services like drinking water, implement financial reforms and boost competitiveness of small businesses in cities and rural areas.

    Morocco has earlier unveiled plans to increase spending on social development programmes, which include building of roads and schools in remote villages, providing food subsidies, and offering cash incentives to encourage poor families to assist their children in basic education.

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