AFESD Grants Morocco $63.2Mn For Dam Project
The Kuwaiti-based Arab Fund for Economic and Social Development (AFESD) on 21 February granted Morocco a $63.2mn soft loan to help build a dam in the eastern province of Midelt. The Moroccan Finance Ministry said in a statement that the water reservoir will cover 72,000 hectares (177,900 acres) and cost $83.60mn. The loan is for a 17-year period with a five-year grace period and a 3.5% interest rate. In the...