Morocco obtains $4.3 billion grant for development projects

Morocco has obtained $4.3 billion under a $5 billion grant from Gulf countries since 2012, according to a local media report, earlier this week. Prior to this development, the Gulf Cooperation Council in 2011 approved the allocation of $5 billion grant to enhance development projects in Morocco for the duration of at least five years.

With approximately 2.5 percent of the nation’s citizens still living below the international poverty line, recent and ongoing development projects in Morocco have served to reach out to its citizens politically, creating community through education, bringing rural markets closer together and making gains in energy technology that will extend across the globe. Some of these development projects include the Civil Society Strengthening Program, the Second Rural Roads Project, and the Noor Solar Power Project, among others.

After adopting a new constitution in 2011 the Moroccan government made development projects a major priority of the government. During a council meeting which took place in February, Morocco’s largest city Casablanca obtained its council’s approval for a series of conventions and development projects related to transportation, health, sports and digital services.

The Gulf countries of Saudi Arabia, the United Arab Emirates (UAE), Kuwait and Qatar are to provide the funding on a share basis of $1.25 billion for each country.

Citing statistics from the Moroccan Finance and Economy, the Moroccan financial news site Medias24.com reported that so far Morocco has received $1.25 billion from Qatar and Kuwait, $1.03 billion from the UAE, and $803 million from Saudi Arabia.

However, receiving the remaining 700 million has already been included in its forecasts in the 2018 budgetary law, African News reported.