UAE Shaikh Khalifa donates $300m to Moroccan Energy Development Fund

Rabat: UAE President His Highness Shaikh Khalifa Bin Zayed Al Nahyan has donated $300 million to the Moroccan Energy Fund to ease the effects of soaring energy prices on Morocco.

Morocco's Energy Minister Amina Benkhadra announced Shaikh Khalifa's donation on Saturday.

Benkhadra said the Moroccan government "is seeking to overcome oil deficit caused by the soaring oil prices at the international market and its repercussions on Morocco".

Benkhadra noted that an urgent strategy was put in place to provide, store reserve energy and spur use of renewable energy.