Kuwait will finance Morocco with $250 mln.

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Kuwait and Morocco a framework agreement worth USD 250 million annually for five years from 2012 to 2016.The agreement, which will be run by Kuwait Fund for Arab Economic Development (KFAED), is primarily intended to bankroll development projects in Morocco.

The deal was signed by KFAED Director-General Abdulwahab Al-Bader and Moroccan Minister of Economy and Finance Nizar Baraka in the presence of several Moroccan ministers and Kuwaiti Ambassador in Rabat Shamlan Al-Rumi.

[tbpspa]

Commenting on the agreement, the KFAED chief told KUNA that the agreement is part of Kuwaiti’s contribution to a Gulf Cooperation Council (GCC) plan to the tune of USD 5 billion for supporting economic, social and human development projects in this North African country.

Via : Kuna

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