Luxembourg, 11/07/2003 (Agence Europe) - The European Investment Bank (EIB) has decided to grant EUR 14 million to Morocco for the repair and technical upgrading of dykes and quays as well as the strengthening of operating security in five ports of the country: Tangiers, Larache, El Jadida, Essaouira and Sidi Ifni. The work will be conducted by the "Direction des Ports et du Domaine Public Maritime" of the Ministry for Equipment, Habitat and Town and Country Planning. The project comes within the framework of the National Plan for Economic and Social Development of the Kingdom of Morocco covering the period 2000-2004. Commenting on the operation, Mr de Fontaine de Vive, EIB Vice-President, declared: "This is the fifth loan granted by the EIB to Morocco's port sector. Development of port activity is essential to the economy of the Kingdom, not only because of the country's international trade (98% of external trade goes through its ports), but also to promote the activity of private companies in the fisheries and logistics sectors. This is why I consider that the project comes strictly within the aims of the new Euro-Mediterranean Facility for Investment and Partnership (FEMIP), that the EIB put in place last October, one of the priorities of which is the creation of an environment in favour of developing private activity".