African Development Bank Provides Additional Financing to Morocco

Jun 17, 2022 | Africa, Announcements, Home Page, Markets, Morocco, Snippets

The African Development Bank (AfDB) has provided additional financing to Morocco. This additional funding has been prioritized and ringfenced for the projects related to the extension and modernization of the airport of Rabat-Salé and construction of the port of Nador West Med.

The African Development Bank (AfDB) has provided additional financing to Morocco. This additional funding has been prioritized and ringfenced for the projects related to the extension and modernization of the airport of Rabat-Salé and construction of the port of Nador West Med.

AfDB financial assistance

In a press release dated June 15, 2022, the African Development Bank (AfDB) announced additional financing (loan) of 91 million Euros, as a loan, to support the projects’ progression. 

“These two operations share the same watchwords: attractiveness, competitiveness and integration.,“ stated Yacine Fal, Vice President of the African Development Bank Group in charge of Regional Development, Regional Integration and Service Delivery.

Morocco project allocation

The AfDB financial assistance includes 34 million Euros, to be allocated to the extension and modernization of the airport of Rabat-Salé. In addition, 57 million Euros are allocated to the construction of the port of Nador West Med.

“The objective is to strengthen the competitiveness and attractiveness of the Rabat-Salé economic zone. The aim is to respond to the increase in air traffic in a rapidly growing economic area around the capital and to meet the growing logistics needs of the country’s economic operators. Cargo and passenger capacities are expected to quadruple,” as outlined by AfDB.

AfDB went on to add: “The objective is to build two twenty-foot equivalent container terminals, a specialized bulk loading berth of four million tons, a cargo terminal and a liquid products terminal with capacities of 33 million and 14 million tons respectively.” 

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