ADFD Grants Additional US$ 40mln Loan to Finance Tangiers-Casablanca HSR
Marrakesh, 16/11/2016 (MAP) – The Abu Dhabi Fund for Development (ADFD) granted Morocco an additional loan of 40 million US dollars to finance the Tangiers-Casablanca high speed rail (HSR).
Inked Tuesday as part of COP22 by economy minister Mohamed Boussaid and ADFD director general Saif Al Suwaidi, the loan agreement comes as an implementation of the Fund’s commitment to increase the loan granted to the Moroccan railways office (ONCF) to reach 124 million US dollars.
In a statement to MAP, Boussaid noted that the agreement will encourage the Kingdom’s approach to fight climate change and slash greenhouse gas emissions.
The HSR project is a royal initiative meant to reinforce the sector of transportation and reduce traveling time by linking two major economic hubs, said Boussaid, adding that this large-scale project will foster Moroccan transportation infrastructure and spur the Kingdom’s economic dynamic.
Saif Al Suwaidi, for his part, recalled activities and projects carried out by the fund in Morocco since 1974 and totaling 2.4 billion US dollars.