Economic cooperation between Kuwait and Morocco

Director General of Kuwait Fund for Arab Economic Development (KFEAD) Abdulwahab Al-Bader stressed here on Tuesday the depth of relations between the fund and Morocco, which is the second recipient of KFAED''s finances at a total value of up to USD 1.2 billion, Kuwait news agency (KUNA) reported. Al-Bader said following the signing of a contract between KFAED and the Moroccan government to finance a high-speed train project worth 25 million Kuwaiti dinars over 25 years with a grace period and a low interest rate. The train will link Tangiers with Casablanca. He also asserted the Fund''s keenness to continue strengthening of bilateral ties and raise the volume of trade exchange between the two countries. He also stressed the significance of the project which would enable Morocco to enhance its railroad and transport links and facilitate future linkage operations He reviewed the Fund''s efforts to keep pace with economic and social development programs in a number of friendly countries, in addition to reviewing the Fund''s activities in coordination with international and regional financial institutions. He pointed out that the Fund has offered since its establishment 50 years ago 799 loans worth USD 15.5 billion benefiting 102 countries, 16 of which were Arab countries, 40 African, 35 from Asia and Europe as well as 11 countries in Latin America and the Caribbean. He explained that the Fund contributed to the debt relief of 25 developing countries which benefited from the re-schedule of debts owed to the Fund.