RABAT, June 14 (Xinhua) -- The African Development Bank (AfDB) has signed two agreements with Morocco to provide 91 million euros (about 94.64 million U.S. dollars) in loans to the North African country, the official news agency MAP reported on Tuesday.
The deals were signed on Monday in the Moroccan capital Rabat by Moroccan Minister of Economy and Finance Nadia Fettah and AfDB Acting Vice President for Regional Development Yacine Fal, the report said.
The first loan of 34 million euros provided by the AfDB will complement the previous loan of 75 million euros already allocated by the bank in 2018 for the extension and modernization of the airport in Rabat.
With the second loan of 57 million euros, the AfDB will complete an initial loan of 113 million euros granted by the bank in 2015 for the construction of the Nador West Med port complex.
The new port and industrial complex, located on Morocco's Mediterranean coast, is expected to be built with an estimated cost of more than 1 billion euros.
Fal highlighted the good relations between the AfDB group and Morocco, while expressing the bank's commitment to providing financial and technical support to Morocco's ongoing economic and social reforms, the MAP reported. ■