Rabat – The Multilateral Investment Guarantee Agency of the World Bank Group (MIGA) has issued a guarantee of €570 million to finance the construction of a new campus for Morocco’s Mohammed VI Polytechnic University (UM6P) in Rabat.
The guarantee, which was issued to Credit Agricole Corporate, Investment Bank of France, and BNP Paribas of France, covers loans to Morocco’s phosphate and fertilizer giant OCP Group.
The guarantee is extended for a period of 10 years, and the funds will enable OCP to finance the new UM6P’s campus near Rabat.
The new campus will offer high-quality education to 2,000 students in several fields, ranging from economics, governance, and political sciences, to hospitality business and management.
The campus will also house a new faculty of governance and include Morocco’s first school and business incubator for artificial intelligence, said MIGA in a press release.
“MIGA’s support is helping unlock competitive financing from international lenders to fund the development of cutting-edge education facilities in Morocco,” said Hiroshi Matano, MIGA Executive Vice President.
The cutting-edge university campus will feature multisport centers, digital learning laboratories, a language center, a library, and hotels to host guests and train students from the department of hospitality business and management.
OCP Foundation will also grant scholarships for Moroccan and other African students with financial needs to pursue their education at the new campus.
As the UM6P is already a leading Moroccan institution in applied research and innovation, President Hicham El Habti stressed that MIGA’s support will further help the university “increase skills, innovation and development in important fields.”
Read Also: UM6P: The Intellectual Front of Morocco’s Commitment to Africa
The landmark project will join UM6P’s diverse campuses in Benguerir and Rabat, which are designed to foster scientific, cultural, sporting, and artistic achievements, with a mission of consolidating Morocco’s frontline position in technology-driven fields.
El Habti also noted that UM6P’s goals align with OCP Group’s commitment to promote nutrition, “with education and R&D being key levers for both the future of food security and community development.”
UM6P also remains at the core of OCP’s innovation, sustainability, and transformation strategy that was led by the Group over the past 15 years.
Meanwhile, MIGA’s Matano further noted that UM6P’s advanced research and development facilities “will boost Morocco’s competitiveness and contribute to the training of current and future human capital.”
As UM6P’s academic curricula in computer science, cybersecurity, and artificial intelligence are becoming national references, the university seeks to further develop its role as a leading institution in the field of science in Morocco and across Africa.
With MIGA’s support, “OCP Group has committed to pursue its progress towards green building certifications through the US Green Building Council’s LEED certification program,” the press release added.
In March, the school was recognized as a “Climate Hero” by the Youth Constituency of the United Nations Framework Convention on Climate Change (YOUNGO).
