Kuwait has signed a deal with Morocco to lend the latter $69m towards an electricity network project in the south of the North African country.
The deal is to reinforce an electric network in the south of Morocco, expected to generate solar and wind power as part of a strategic plan to produce clean energy for the years in between 2008 and 2015.
The length of the loan is 23 years with a grace period of three years, under an interest not exceeding 2.5 per cent in addition to 0.5 per cent annual administration charges.
The deal was signed by representatives of the Kuwait Fund for Arab Economic Development (KFAED) and the Moroccan government, as part of the visit of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to the country.
The KFAED provided Morocco with 35 loans before the most recent one, of an accumulative $1.242bn. All of these loans have targeted infrastructure and development-related projects that are part of the country’s strategic plans for an economic take-off.