The African Development Bank granted Morocco $1.1 billion in loans over the last 8 months to finance strategic sectors, head of the bank’s branch in Morocco Leila Farah Mokkadem said. “Morocco is a country with which we have enjoyed close ties for five decades,” she told MAP, adding that Morocco is the bank’s first client. The Bank extended its latest loan, worth 264 million euros, to help Morocco respond to the coronavirus pandemic. The Bank has also financed social protection projects aiming to keep jobs as well as projects to help people with special needs in addition to vulnerable women and children. The Bank also finances industrial development plans, transports and infrastructure projects and health among others.

Source: The North Africa Journal July 25, 2020 13:41 UTC