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Rabat – The European Investment Bank (EIB) will finance the Medusa optical-fiber cable project, which seeks to benefit nine Mediterranean countries including Morocco.
The bank signed a €50 million (MAD 558 million) loan on December 21 for the EU-financed project. The bank also signed an agreement with the European Commission on November 24 for a €40 million (MAD 446 million) grant to the project.
“Digital transformation and high-speed digital connectivity is crucial in a post-pandemic world,” EIB Vice-President Ricardo Mourinho Felix said.
Other converging reports claimed that the bank mobilized €100 million (MAD 1.1 billion) to finance the submarine cable project.
The Medusa submarine cable system is planned to connect five European countries (France, Spain, Portugal, Italy, and Cyprus) with four North African countries (Morocco, Algeria, Tunisia, and Egypt).
The high capacity optical-fiber cable will be 7,100 kilometers long and will include 12 landing points, including two in Morocco. The secure high-speed connections the project will facilitate are especially intended to benefit research and education communities in the targeted countries.
“By working together, we can accelerate our efforts in promoting more integration in the region and encourage sustainable development and economic growth, providing more opportunities for all,” Felix added.
The project is expected to facilitate cooperation between educational and research institutes in the target countries, in addition to accelerating innovation by encouraging cross-fertilisation and collaboration.
Facilitating a faster digital transformation in the North African countries is also projected to create more employment opportunities across different sectors, says a report by the EIB.
The project is the first of its kind in connecting the Mediterranean countries, and is set to be ready for operations for the Western Mediterranean region by the end of 2024.
Around 4.5 million students in 500 universities and research institutes are expected to profit from the improved infrastructure.
