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Rabat – The Board of Directors of the African Development Bank Group (AfDB) has approved a €57 million investment for financing the ongoing construction of the Nador West Med port complex in northern Morocco.
With the new round of funding, the AfDB would have reached a cumulative investment figure of €113 million that the bank had set to invest in the Moroccan port back in 2015.
The Nador West Med port complex project comprises construction plans for two twenty-foot equivalent container terminals, capable of processing three million units, a specialized bulk station of four million tonnes, and a general cargo terminal of 33 million tonnes, AfDB indicated in a statement.
The location of the Nador West port complex is in close proximity to the commercial, industrial, and logistics center within the newly inaugurated integrated economic zone, added the statement.
Commenting on the approval of the investment fund, AfDB General Manager for North Africa, Mohamed El Azizi, said that the project is located “at the crossroads of major container and hydrocarbon transport routes.”
He added, “The construction of this new deep-water port infrastructure consolidates the presence of the Kingdom of Morocco on the world’s maritime routes. It will be a factor of attractiveness for the Oriental region. A real accelerator of development and regional integration.”
Achraf Hassan Tarsim, AfDB Country Manager in Morocco, said the project highlights the transformative nature of the state-of-the-art infrastructure in accordance with international environmental standards.
Aside from its potential to generate jobs and stimulate regional economic development, Nador West Med aims to boost its logistical competitiveness.
With the new infrastructure project being an extension of the successful Tanger Med port, inaugurated in 2004, the port is projected to enhance Morocco’s connectivity to international supply routes of hydrocarbons.
Read Also: Morocco’s Nador West Med Port on Track to Completion by 2023
