Signing ceremony of a loan agreement between Morocco and the African Development Bank (ADB) : 18/03/2011

Signing ceremony of a loan agreement between Morocco and the African Development Bank (ADB)

Mr. Salaheddine Mezouar, Minister of Economy and Finance chaired March 17th 2011 at the Ministry of Economy and Finance, the ceremony of signing a loan agreement granted by the African Development Bank (ADB) to Morocco, amounting to 300 million euro to increase the capacity of the Tangier-Marrakesh railway line.  

Indeed, the Minister and Mr. Jacques Nono Matondo-Fundani Samuel, Director of North Africa Operations to the (ADB) signed this agreement.

Amounting to a total of 5.1 billion dirhams, the project which aims to increase the capacity of the Tangier-Marrakech railway line, is part of the State- National Railways Office (ONCF) contract program for 2010-2015.

In addition, the (ADB) granted Morocco technical assistance gifts valued at 2.8 million euro.

Indeed, the first donation relates to the technical support project for the irrigation infrastructure development in Morocco and research, while the second concerns the setting up of a strategy of education and private training development.

Together with Mrs Nadia Laraki, executive director of the National Ports Authority, Mr. Houcine Itaoui, CEO of the Central Guarantee Fund and Mr. Hassan Boulaknadel, Managing Director of the Moroccan regulatory authority (CDVM), Mr. Matondo-Fundani has also signed 3 letters of loan agreements of approximately 1.7 million euro.

These gifts involve technical assistance operations relating to the examination, diagnosis and development of a repair and reinforcement program to protect 7 ports (Nador, Safi, Al Hoceima, Tangier, Casablanca, Mohammedia and Agadir).

In his speech, Mr. Mezouar stated that "Morocco is the ultimate customer of the "ADB" and stressed the importance of the portfolio of operations in progress funded by the bank.

For his part, Mr. Matondo-Fundani described Morocco as a "highly valued partner" of the ADB, raising the healthy cooperative relations between Morocco and this provider of funds.

The Bank reaffirms its commitment to continue its support to initiatives launched in the Kingdom, he added.

 For her part, Mrs. Amani Abu-Zeid, the ADB Resident Representative in Morocco, welcomed the "exemplary" partnership linking the Kingdom and the institution.