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Rabat – The World Bank approved today a $250 million (MAD 2.5 billion) fund for Morocco’s North-East Economic Development Project. The project seeks to stimulate economic growth and create job opportunities in the region, particularly around the development of the Nador West Med (NWM) port complex.
The project will help support the region’s territorial development approach, enable private sector development, enhance transport connectivity, and increase human capital, said the bank.
“The North-East region of Morocco faces substantial development challenges and opportunities,” added the World Bank, as it highlighted the negative impact that natural disasters, exhaustion of mineral resources, isolation, and a lack of a developed industrial base have inflicted on the region.
The bank underlined Morocco’s efforts to unlock the potential of the northeast region through “implementing a major infrastructure investment plan” around the NMW port complex, including a deep-sea port and an industrial zone.
Referring to Morocco’s New Development Model, Jesko Hentschel, World Bank Maghreb Country Director, said that the project “will help unlock territorial development and reduce spatial disparities to ensure a sustainable and resilient territorial development.”
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The project will also create job opportunities in the private sector, achieve economic inclusion, and finance the skill-building of around 5,000 workers in the region, particularly women and rural youth.
According to Anne-Cecile Souhaid, World Bank Senior Transport Specialist and Task Team Leader, the “project will boost the economic potential of Morocco’s North-East and improve the overall investment climate.”
With the NMW port complex being an extension of the successful Tangier Led port, the new infrastructure project is expected to enhance Morocco’s connectivity to international supply routes.
Earlier this month, Morocco’s Ministry of Economy and Finance and the African Development Bank Group (AfDB) signed two loan agreements for a total of € 91 million (MAD 953 million) to fund the extension and modernization projects of the MWN port complex and the Rabat-Sale airport.
