Kuwaiti Fund for Arab Economic Development has Granted a Loan of $60 Million to Morocco for Highways Construction

The Kuwaiti Fund for Arab economic development (KFAED) has granted a loan of 477 million dirham (US$60 million) to Morocco for the construction of highways in north-east of the country, sources said Tuesday.

The KFAED loan is the second of its kind granted to Morocco for the construction of the 350km Fes-Oujda highway which is expected to be operational in 2010.

KFAED has funded up to 3.24 billion dirham the highway program which provides the construction of 160km.

Morocco, early July, launched an additional extension program of its highway network for a cost of 15 billion dirham (US$2 billion) until 2015.

This 384km highway program will create new links, mainly between the two coastal cities of Jadida (90km in south of Casablanca) and Safi over 140km, the 41km Rabat bypass, as well as the 172km new highway between Berrichid (25km east of Casablanca) and central Beni Mellal.

The new plan also comprises the three-lane extension of the “strategic” Casablanca-Rabat highway over three years (2009-2012) for a cost of 927 million dirham.

With the 571km under construction until 2010, Morocco will total 1800km of highways after the completion of the program.

Over 36 billion dirham are invested over the 2008-2015 period to achieve the various road construction projects.

Source African Press Agency

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