RABAT - Morocco invited Saudi Arabia on Thursday to contribute to a fund to spur investments, seeking economic gains from its close political alliance with the Gulf monarchy. He urged Saudi Arabia in particular to contribute to Morocco's planned $4.5 billion investment fund that aims to boost its post-pandemic economic recovery. The yet to be activated fund has 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 backed Saudi Arabia against Iran and took part in the Saudi-led military intervention in Yemen's war.

Source: The North Africa Journal June 17, 2022 04:26 UTC