Morocco: King Mohammed VI Praises President Kabbaj's Performance in Adb

16 February 2005
African Development Bank (Abidjan)
press release

Tunis — King Mohammed VI of Morocco has paid tribute to the President of the African Development Bank, Mr. Omar Kabbaj for his good performance that has helped redress the financial situation of the African premier development finance institution.

The sovereign, who received Mr. Kabbaj at the Royal palace of Marrakech on Wednesday, stressed that his action as head of the Bank has lent the institution international credibility.

Since his election in 1995 as head of the ADB, which currently operates from its temporary headquarters in Tunis, Mr. Kabbaj has led the group's restructuring, which earned him a second election unanimously in 2000 for a second term.

Set up in 1964, the Bank provides loans to both governments and the private sector.

During his stay in Morocco, the ADB president signed with the Moroccan government loan agreements totaling 430 million euros to finance reform and drinking water projects.

Under the accords, 240 million euros are to help the state to liberalize, restructure and boost the competitiveness of the air, road and rail transport. A second loan, worth 121 million euros, will help the government's drive to reform its public administration.

The third loan of 66.5 million euros will bring drinking water to inhabitants of rural areas.

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