Morocco given -ú400 million to support economic reform
Morocco will receive a financial windfall of over £400 million from the European Commission in order to fund economic and social reforms.
The European Union's executive arm announced on Friday that it is planning to give Ôé¼650 million (~£440 million) over 3 years to help the implementation of the EU-Morocco action plan.
"We are aware that reform is difficult and costly, and we appreciate the scope of the remaining challenges [in Morocco]. For this reason, the EU will scale up its efforts to assist Morocco in its ongoing reforms," EU external relations commissioner Benita Ferrero-Waldner said.
The money will be used to support economic and social developments, and Mr Ferrero-Waldner asserted that the benefits of reform can already be seen in "stronger growth, greater foreign direct investment and higher employment".
The new financial aid will be supplemented by loans from the European Investment Bank and is a 20% increase on the average amount of financial support over the past 10 years.
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