Morocco seeks Saudi financial support for its investment fund

RABAT, June 16 (Reuters) – Morocco on Thursday invited Saudi Arabia to contribute to a fund to boost investment, seeking economic gains from its close political alliance with the Gulf monarchy.

Morocco’s economy is expected to slow to 1.5% this year from 7.9% last year due to drought and imported inflationary pressures.

“We invite the relevant bodies in Saudi Arabia to support Morocco’s large-scale reforms and priority development projects,” Foreign Minister Nasser Bourita said during the opening session of a joint Moroccan-Saudi commission. on bilateral cooperation.

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He urged Saudi Arabia in particular to contribute to Morocco’s planned $4.5 billion investment fund which aims to boost its post-pandemic economic recovery.

The yet to be activated fund received an initial contribution of 15 billion dirhams ($1.5 billion) from the state budget, with the rest to be raised from national and international donors.

A longtime ally of Morocco, Saudi Arabia supports Rabat’s position on the Western Sahara conflict.

Morocco has also supported Saudi Arabia against Iran and participated in the Saudi-led military intervention in the war in Yemen.

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Reporting by Ahmed Eljechtimi Editing by Mark Heinrich

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