European Bank Loans Morocco's Nador Port €100 million For Construction

The European Bank for Reconstruction and Development (EBRD) is financing the Nador West Med (NWM) is loaning €100 million for the construction of the Nador West Med port in Morocco's Oriental Region, the financing aims to finalize construction work on the Moroccan port.

Rabat – The European Bank for Reconstruction and Development (EBRD) is financing the Nador West Med (NWM) is loaning €100 million for the construction of the Nador West Med port in Morocco’s Oriental Region, the financing aims to finalize construction work on the Moroccan port.

According to a statement from the EBRD, the investment aims to help unlock the potential of Morocco’s northeastern region.

The port is expected to attract important foreign investment, and its port terminals will act as a catalyst for market expansion and a direct source of private-sector investment opportunities.

The plan seeks to encourage local businesses as well as enhance Morocco’s connectivity to international supply routes.

The project also aims to help the Nador West Med (NWM) port transform its focus from construction to business, including support for establishing a skills development initiative in the industrial port sector.

There will also be an expansion in technical cooperation to assess the potential role of the National Water Corporation in the hydrogen value chain.

The loan is the second installment under a €200 million EBRD agreement signed in 2015, that aims to boost eastern Morocco and promote the development of the oriental region by generating economic growth and creating new jobs.

The project of the 2015 agreement is co-financed with the African Development Bank (AfDB) and the Arab Fund for Economic and Social Development. It was the EBRD’s first-time co-financing with each institution.

The EBRD and AfDB worked together on the project’s procurement under the terms of a separate implementation agreement.

The agreement included terminals for container transshipment and hydrocarbon storage with the capacity to handle other cargo as well.

Morocco is a founding member of the EBRD and became a recipient of bank financing in 2012. EBRD has invested more than €3.8 billion (MAD 42.6 billion) in Morocco through 90 different projects.