The African Development Bank and Morocco have forged agreements worth €303 million ($429.5 million).
The agreements were signed between AfDB Regional Director Nono Matondo Fundani and Moroccan Economy and Finance Minister Salaheddine Mezouar on March 17 in Tunis. They include:
- €300 million in investment loan to fund a major upgrade of the Tangier-Marrakech rail link.
- €678,000 in grant to the National Ports Agency to perform an analytical and development study on the reinforcement and renovation of several of the country’s ports, such as Nador, Safi, Al Hoceima, Tangier, Casablanca and Agadir.
- €558,000 in grant to the Central Guarantee Fund to improve the national guarantee system.
- €576,000 in grant to the Securities Ethics Council to enhance the supervision and control of financial markets.
- €595,200 grant to the Directorate of Irrigation to help develop agricultural land for irrigation infrastructure.
- €629,000 to the Department of Education to back a study aimed at creating a development strategy in education and private training.
Read more development news aid.
