Morocco and OPEC sign accord

Nov 26, 2001 01:00 AM

Morocco and the OPEC Fund for International Development signed an accord on the encouragement and protection of investments. The accord will form the adequate juridical frame to increase the fund's flow of investments in Morocco and promote partnership initiatives with the Moroccan private sector.
The accord was initialled by Moroccan minister of Economy, Finance, Privatisation and Tourism, Fathallah Oualalou, and the fund's director general, Seyyid Abdulai. During the signing ceremony, Oualalou underlined the opportunities provided by Moroccan economy and the reforms initiated by Morocco to modernize and adapt its economy to new internal and external realities.

Seyyid told MAP that his visit to Morocco is part of the fund's financial assistance to some development projects and that the just concluded accord is likely to promote the fund's investments in Morocco. This time the fund's action will focus on the private sector, he said.
Cooperation between Morocco and the OPEC Fund dates back to 1977 and has covered 10 operations, including two loans worth $ 54.58 mm. The fund, set up in 1976, seeks to promote financial cooperation with developing countries through the granting of loans at preferential terms.

Source: Arabic
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