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Morocco receives USD56m loan from Europe's EIB

MENAFN - - 07/10/2012


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(MENAFN) Morocco has been granted a USD56 million loan from the European Investment Bank (EIB) to develop its agriculture sector, reported Xinhua News, citing a report by a local radio.

The North African country will use the loan to strengthen and renovate water-saving facilities for irrigation in the regions of Gharb, Haouz and Souss Massa for a better productivity.

The bank has already funded key irrigation projects in Morocco, including the irrigation project in Doukkala for around USD78 million.

It is worth noting that Morocco's agriculture sector contributed an average of 13.5 percent of the country's gross domestic product (GDP) between 2006 and 2011, and employs about 40 percent of Morocco's workforce.

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