Morocco / (AfDB): Signing of Loan and Guarantee Agreements : 08/04/2016

Morocco / (AfDB): Signing of  Loan and Guarantee Agreements

​Mr. Mohammed BOUSSAID, Minister of Economy and Finance, chaired Friday, April 8th, 2016 in Rabat, the signing ceremony with the African Development Bank (AfDB) loan and guarantee agreements, amounting to $ 112, 30 million, related to the railway infrastructure enhancement project of Morocco national railways Office (ONCF).

During this event, the Minister signed with Mrs. Yacine FAL, Resident Representative of (AfDB) in Morocco, the guarantee agreement related to the project in question. Likewise, Mrs. Yacine FAL signed with Mr. Mohamed Rabie Khlie, Director General of the (ONCF), the loan agreement relating to the same project.

This ceremony was attended, in particular, by Mr. Aziz Rabbah, Minister of Equipment and Transport. The aim of this project is to contribute to the increase in rail transport services between Casablanca and Marrakech and to improve the capacity and quality of service provided in railway stations between Tangier and Casablanca, to address the needs of freight and passengers traffic by 2020.

In his speech during this occasion, the Minister welcomed the excellent cooperation relations between Morocco and the (AfDB) and stressed the different structuring investment reform programs and projects funded by the (AfDB) and the importance of lending devoted to our country since the beginning of cooperation between both sides in 1970, making Morocco the first country to benefit from this institution’s assistance.

On the other hand, the Minister reported that this ceremony, further stressed the unique partnership that has developed over time between Morocco and the (AfDB), and again clearly reflects the (AfDB) sustained support to our country through its contribution to the financing of economic and social development projects.

​ Mr. BOUSSAID has also, highlighted the efforts of the Moroccan Government to upgrade and improve infrastructure and transport services, in order to increase the logistics competitiveness of the national economy through reducing transportation costs in the domestic and foreign trade of the country.