Highlights

Mr. BOUSSAID chairs the signing ceremony of the agreements relating to the participation of EBRD in financing the "Nador West Med" project : 29/10/2015

Mr. BOUSSAID chairs the signing ceremony of the agreements relating to the participation of EBRD in financing the "Nador West Med" project

Mr. Mohammed BOUSSAID, Minister of Economy and Finance chaired, Thursday, October 29th , 2015 at the headquarters of his Department, the signing ceremony by Mrs. Hildegard GACEK, , Managing Director for the Southern and Eastern Mediterranean region (SEMED) at the European Bank for Reconstruction and Development (EBRD) and Mr. Jamal Mohamed Benjelloun, Director General of Société Nador West Med, of the loan agreement in the amount of 200 M € for the participation of EBRD in financing the "Nador West Med" Port Complex construction project.

During this event, Mr. BOUSSAID, welcomed this third financing transaction in the Moroccan public sector, which is also the first co-financing with the African Development Bank.

The Minister recalled that this project is part of the key areas of the Country Strategy for Morocco developed by the EBRD for the period 2015-2018, including economic development and the competitiveness of regions through the financing of viable projects. In addition, Mr. BOUSSAID stressed the importance of this funding, which will help implement a structuring project that aimed to develop an energy hub and a leading Mediterranean logistics platform as well as strengthen the positioning of the Kingdom in global trade flows.

"Indeed, this project will provide, especially, a better balancing of regional development of the country by the achievement in the Eastern region, of large transport infrastructure and the establishment of a new economic and industrial center, appealing to foreign and Moroccan export-oriented businesses, able to create new jobs.

On the other hand, Mrs. GACEK stated that this important transaction is a significant step in the relations between the Kingdom of Morocco and the EBRD. She believes that it is not only the largest transaction of the Bank in Morocco, but also clears the way for the EBRD to a new sector, which is that of transport.

"We are also delighted that the project fits perfectly with a key objective of the Country Strategy for Morocco, the promotion of regional inclusion. The port will be a catalyst for regional economic growth, not only by creating direct job opportunities, but also by facilitating the development of other industrial activities in the free zone, and encouraging the establishment of foreign investment, which will strengthen the potential of growth in the region, "emphasized the representative of the EBRD.

Mrs. GACEK specified that it is the first project to be co-financed by the EBRD and the African Development Bank, the historical financial shareholder of the Kingdom, and the AFESD. She referred to the mobilization of one million euros in technical assistance funds that will contribute to the implementation of the project, including the environmental factors.

Meanwhile, the Director General of Société Nador West Med stressed that the project comes within the framework of regional development policy and indicates that the Port Complex will be built on a venue that annually knows the transition of more than third global maritime commerce.

Mr. Jamal Mohamed Benjelloun added that "Nador West Med" will attract a number of manufacturing and logistics operations, with a very positive impact on creating job opportunities, promoting investment and improving access to health and education infrastructure and other basic services.​