Qatar signs $1.25 billion aid deal with Morocco
Last of four Arab countries to provide financial assistance.
December 30, 2013 9:15 by kippreport
As part of a package of financial assistance, Qatar has become the last of the four Gulf states to sign a $1.25 billion aid deal with Morocco.
The deal is part of a five-year package extended by GCC countries to help the North African kingdom ‘ride out’ Arab Spring protests.
In 2012, four GCC countries – the UAE, Qatar, Kuwait and Saudi Arabia – agreed to provide aid worth $5bn to Morocco between 2012 and 2017. Each of the four countries committed to $1.2bn.
The financial assistance is intended to help spur the country’s infrastructure, foster tourism and strengthen its economy.
Qatar was the last country to contribute and His Highness Sheikh Tamim bin Hamad Al Thani, Emir of the State of Qatar, signed the deal with His Majesty King Mohammed VI of Morocco on December 27, 2013.
Morocco has budgeted to receive $1bn in aid from Gulf states in 2014. It hopes to cut its budget deficit by 4.9 per cent of its GDP next year from an estimated 5.5 per cent in 2013.
The Gulf states have agreed to a similar package, also worth $5bn over a five-year period, for Jordan.