Islamic Bank Provides $101 Million to Support Morocco’s High-Speed Train

Rabat – The Islamic Development Bank (IsDB) will contribute US $101 million of financing to support the high-speed train program in Morocco following the signing, here Thursday, of agreements between the Moroccan Ministry of Economy and Finance, the National Railway Authority (ONCF) and the IsDB.

The IsDB’s three-year contribution, which supports the development of three high-speed train stations (Casablanca Voyageurs, Kenitra and Tangiers), is estimated at $ 101 million, almost 88.5 pc of the overall project envelope ($ 114 million).

This contribution will finance the development of the urban area around these stations, ONCF managing director, Mohamed Rabie Khlie, told the press following the signing ceremony.

For his part, IsDB Regional Director in Rabat, Sidi Mohamed Taleb, said the “signing of these agreements will complete the high-speed program at the remaining stations that will be operational by summer 2018”, adding that this ceremony was the occasion “to highlight all the projects underway with Morocco in eight African countries”.

He also added that the IsDB is seeking to enrich its cooperation with the Kingdom, “especially in the new context in which the Kingdom is advancing solidly in its South-South cooperation with the countries of sub-Saharan Africa.”