The AfDB grants additional financing of €91 million

Two loan agreements for a total of 91 million euros (M€) were signed Monday in Rabat between the African Development Bank Group (AfDB) and the Ministry of Economy and Finance. This loan is intended to supplement the financing of projects to extend and modernize Rabat-Salé airport and to build the port Nador West Med (NWM).

In a press release, the AfDB indicates that the signing ceremony brought together the Minister of Economy and Finance, Nadia Fettah Alaoui, the Vice-President of the AfDB in charge of Regional Development, Regional Integration and of services, Yacine Fal, the Bank’s country manager for Morocco, Achraf Hassan Tarsim, the general manager of the Moroccan National Airports Office (ONDA), Habiba Laklalech, as well as the general manager of Nador West Med, Mohamed Jamal Benjelloun.

Quoted by the AfDB, the Vice-President of the AfDB in charge of Regional Development, Regional Integration and Service Delivery, Yacine Fal, pointed out that “these two operations share the same watchwords, namely attractiveness, competitiveness and integration» noting that they «come to devote the strategic vision of King Mohammed VI which consists in making Morocco a real attractive regional hub which creates value and employment“.

Thus, the first loan agreement, of more than 34 million euros, completes an envelope of 75 million euros already mobilized in 2018 for the project to extend and modernize Rabat-Salé airport, with as an objective to strengthen the competitiveness and attractiveness of the Rabat-Salé economic zone.

According to the same source, the aim is to respond to the increase in air traffic in a booming economic area around the capital, and to meet the growing logistical needs of the country’s economic operators. Freight and passenger capacity should thus be quadrupled, while new lines will also be opened from Rabat-Salé, to complete the offer of Casablanca airport.

The second agreement, which relates to additional financing of 57 million euros dedicated to the construction of Nador West Med, completes an initial envelope of nearly 113 million euros granted in 2015.

According to the ADB, the objective is to build two twenty-foot equivalent container terminals, a specialized bulk loading station of four million tonnes, a goods terminal and a liquid products terminal with capacities 33 million and 14 million tonnes respectively.

As for Nador West Med (NWM), it will be backed by a commercial, industrial, logistics and tertiary pole located in an integrated economic zone which offers new job opportunities specific to the AfDB.

The AfDB has committed, over half a century of partnership with Morocco, more than 12 billion dollars in the country, it specifies in its press release, adding that this financing covers the sectors of health, agriculture, energy, water, transport, human development and the financial sector.

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