Marruecos se convierte en el segundo cliente del FADES
Over the years, Morocco has become one of the strategic partners of the Arab Fund for Economic and Social Development (FADES). The latest reports reveal that the Alawi country is the second largest client of the entity. Data show that, over the decades, especially since 1974 when they started working together, until 2020, the institution has provided the Kingdom with around $5 billion, which has been allocated mainly to promote key sectors of the Moroccan national economy.
The money that Morocco has received from the Fund has been mostly directed towards the logistics and transport sector. It has received an amount of USD 2.68 billion over the years, which has been used to cover and finance important projects that have improved the country's economic situation. Among them is the $200 million loan agreement to build the port of Nador West Med. This is located on the Mediterranean coast in the north of the Kingdom and will accommodate containers of natural resources as well as petroleum products.
It has also been part, on the basis of loans, of the creation of Tangier Med, one of the largest ports in Africa, where all kinds of operations are carried out on a daily basis, such as the transport of materials and products. It even serves as a port for travellers, as it is located very close to the Spanish coast in the Mediterranean Sea, which opens the doors to both Europe and the African continent.
Other projects in which FADES has participated in Morocco were the financing for the creation of the Tit Mellil-Berrechid road, and the extension of the ring road between Casablanca and Berrechid.
After this sector, agriculture and rural development is the second largest beneficiary of funds from the Arab institution. Over the years, it has received around $1.41 billion. In third place is the water and sanitation sector, which has received $403 million over the years and has been used to introduce improvements in systems, infrastructure, etc.
Morocco has invested all the money in public sector projects and, according to official data, both the Kingdom and FADES have financed a total of 76 projects since 1974. The most recent of these was aimed at combating the COVID-19 pandemic, with the creation of an emergency response programme to the advance and spread of the virus, at a cost of 148.5 million dollars.
FADES is a financial institution which, through loans, grants and financial aid, seeks to support Arab countries in carrying out key projects for the development of their economies. It was created in 1971 and is headquartered in Kuwait City, in the country of the same name on the Arabian Peninsula. It is active in the countries close to its headquarters as well as in the North African region. At present, FADES supports 22 member countries in both the private and public sectors, although initially funding was only earmarked for public projects
Apart from Morocco, the institution's main partner is Egypt. Since its partnership, Egypt has received around $5.8 billion for the creation of projects. Tunisia is the Fund's third strategic partner. Over the years, Tunisia has received USD 3.6 billion. It is worth noting that between 1974 and 2020, these three nations have accounted for almost 40% of the funding approved by the Arab entity, with a total expenditure of almost 36.7 billion dollars.
