Rabat - Dec 14, 2012 (MAP)
Rabat – Dec 14, 2012 (MAP)
The European Investment Bank (EIB) on Friday granted Morocco three loans totalling 440 million Euros to fund development projects covering the construction of a highway, the extension of the electric grid and the setting up Morocco’s first drainage programme.
The first loan will contribute 240 million euro to the construction of a 142-km-long highway line linking el Jadida to Safi on the Atlantic coast. The government aims through this project to “improve the economic competitiveness” of the region, Economy and Finance minister, Nizar Baraka said at the signing of the accord.
The line will be connected to the highway network, and will ensure a logistical service to the industrial areas of the Safi and El Jadida ports.
BEI will also fund, through a loan of 180 million euro, the third phase of the programme of extending the electricity grid in the period 2012-2015, with the aim to meet the growing needs for electricity, which edged up 10 pc in 2012.
The third loan of 20 million euro will contribute to funding Morocco’s first drainage programme, through building and improving the network of collection of used water, and building new treatment stations.
Today’s loans bring to one billion euro EIB’s contribution in funding projects in Morocco, Baraka said, noting that this sum reflects the confidence that the bank has in Morocco.
Vice-president of the BEI Philippe de Fontaine Vive, hailed the quality of the cooperation ties between the European financial institution and Morocco, which “managed to set up and launch projects in several sectors.”