The Saudi Fund for Development (SFD) offered a total of USD 400 million as the first batch of the Saudi grant dedicated to Morocco to implement developmental projects in the country.
The total Saudi grant is valued at USD 1.25 billion and is offered for projects related to human developmental programs, agricultural, housing, and roads, a statement of the Moroccan Ministry of Economy and Finance said on Tuesday.
The Moroccan Ministry and SFD signed yesterday in Riyadh an agreement to boost the strategic partnership between Morocco and the Gulf Cooperation Council (GCC) countries.
The visit of Morocco's King Mohammed IV to Saudi, Qatar, UAE, and Kuwait during last October was a great step to enhance cooperation with the gulf region.
The GCC offered financial donations of USD 5 billion to be paid during five years from 2012-2016 to finance economic and social developmental projects aimed at improvising Moroccan's livelihood.