Saudi Finance Minister Ibrahim Al-Assaf said Saudi Arabia would finance a number of development projects worth $ 1.25 billion in Morocco through Saudi Fund for Development (SFD ), on the instructions of King Abdullah. He described Morocco as one of the best places for investment in the Arab world. The Saudi private sector currently invests in Morocco's tourism, industry, agriculture and ports.
"Saudi Arabia and Morocco have gone a long way in discussing projects to be financed by SFD and both sides have agreed to set up a technical committee for the purpose," Al-Assaf said, adding that an SFD delegation would soon visit Morocco to finalize the projects. He said the meeting discussed prospects of SFD supporting projects in agricultural, health, transport and other sectors.
Moroccan Finance Minister Nizar Baraka said the meeting was a good opportunity to discuss prospects of expanding cooperation between the two Arab countries. Trade between the two countries rose from $ 1 billion in 2000 to $ 20 billion in 2011. He estimated total Saudi investments in Morocco at more than $ 550 million. He hoped the Saudi-Moroccan Company would carry out new investment projects in his country.