Morocco seeks Saudi support, as economic growth slows

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. The Moroccan economy is expected to slow to 1.5 percent this year from 7.9 percent last year on the back of drought and imported inflationary pressures.

The Moroccan economy is expected to slow to 1.5 percent this year from 7.9 percent last year on the back of drought and imported inflationary pressures.

“We invite relevant bodies in Saudi Arabia to support Morocco’s large-scale reforms and priority development projects,” Foreign Ninister Nasser Bourita said at the opening session of a joint Moroccan-Saudi committee on bilateral cooperation.

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.