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 | Morocco to receive 1st GCC aid payment in 2013's Q1  | |
MENAFN -
- 23/10/2012
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(MENAFN) In early 2013, Morocco is forecasted to receive the first payment of the USD2.5 billion promised Gulf aid, reported Arab News.
Yassir Zenagui, an adviser to the Moroccan King, said that his country hopes to attract institutional investors from the Gulf Cooperation Council (GCC) countries to buy into its planned sale of a USD1 billion-plus sovereign bond, which has been postponed to the end of November from the current month.
Several GCC nations had pledged to distribute the USD2.5 billion to Morocco, however, till now, no amount was transferred, but the country forecasts the first disbursement to be received in next year's first quarter.
It is worth noting that Morocco's USD90-billion economy is heavily exposed to the euro zone via trade, tourism revenues and migrant remittances.
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