November 24, 2011 / 4:44 PM / 7 years ago

Qatar inks $2 bln investment JV with Morocco

RABAT, Nov 24 (Reuters) - Qatar’s sovereign wealth fund and the Moroccan state on Thursday agreed to establish a 50-50 investment joint venture worth $2 billion that aims to help the cash-strapped North African economy fund major development projects.

Visiting Qatari ruler Sheikh Hamad bin Khalifa al-Thani and Morocco’s King Mohammed signed an agreement in Rabat to set up the joint venture fund between the Qatar Investment Authority and its Moroccan equivalent, a Moroccan government statement said.

The agreement follows a surprise invitation in May by the Gulf Cooperation Council (GCC), of which Qatar is a member, to fellow monarchies Jordan and Morocco to join their club. (Reporting by)

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