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Thursday 20 April 2017

Saudi Fund for Development Grants Morocco $100 Million to Support SME

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Saudi Fund for Development Grants Morocco $100 Million to Support SME

A memorandum of understanding was signed between Morocco and the Saudi Fund for Development (SFD) on Tuesday in Rabat, on the granting by the Saudi Fund of a $100 million to support the financing of SMEs in Morocco.

Signed on the sidelines of the Annual Meetings of the Arab Financial Institutions by minister of Economy and Finance, Mohamed Boussaid, Bank Al Maghrib's Wali, Abdellatif El Jouahri and vice-president of SFD, Yousef Bin Ibrahim Al-Bassam, this agreement aims to finance small and medium projects in Morocco.

This SFD donation will support Morocco's efforts to finance SME for their role in strengthening the national economy's competitiveness and in creating jobs, Boussaid said on this occasion.

The minister also thanked Al-Bassam for the interest of the Saudi Fund in supporting the economic and social development in Morocco, an interest that reflects the will of the two countries, under the leadership of HM King Mohammed VI and the Custodian of the Two Holy Mosques King Salman Ben Abdulaziz Al Saud, to consolidate the fraternal and historical relations between the two kingdoms.

Al-Bassam, on his part, highlighted the excellent relations between the SFD and Morocco, expressing the Fund's willingness to take part in the financing of economic and social development projects in Morocco.

MAP 19 April 2017