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Rabat – Morocco’s National Railways Office (ONCF) signed a MAD 2.1 billion (€192.49 million) agreement on Wednesday.
The budget represents 80% of an overall loan budget of €250 million the bank offered to ONCF, a statement from the bank said.
“The remaining €50 million (527 million MAD) are planned for signing in 2023,” the bank said, emphasizing that the project is part of the Green Partnership with Morocco.
The bank and Morocco signed the partnership on October 18, marking the first deal concluded under the European Green Deal.
The fund supports ONCF’s investment plan that seeks to strengthen Morocco’s rail network.
“It will contribute to the development of low-carbon sustainable mobility, while promoting a better territorial balance in terms of access to rail services,” the bank said.
The loan will contribute to financing projects of the country’s program for the rehabilitation and upgrading of Morocco’s railway network, including infrastructure, equipment, and industrial workshops.
It will also contribute to the rehabilitation of tracks, structures, and electric traction installations.
Vice President of the Investment Bank, Ricardo Mourinho Felix is responsible for financing in Morocco expressed satisfaction with the signing of the loan agreement that seeks to ensure the safe and accessible transport in the North African country.
“Reliable and efficient rail infrastructure will facilitate the movement of goods and services, but will also improve economic and social inclusion across the country by facilitating access for vulnerable people or people with reduced mobility,” Mourinho Felix said.
Director General of ONCF Mohamed Rabie Khlie echoed the same sentiment, emphasizing that the Moroccan railway authority is “happy to take a new step in its financing strategy.”
He also stressed that the operation is the first of its kind “Without the guarantee of the State. This sign of conscience from a renowned international partner reinforces the office in its strategic choices and confirms the robustness of the Moroccan railway model,” Khlie said.
