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IDB grants Morocco 101 mln USD loan to support high-speed train program

Xinhua, December 17, 2016 Adjust font size:

The Islamic Development Bank (IDB) will contribute 101 million U.S. dollars of financing to support the high-speed train program in Morocco, local media reported Friday.

Following the signing Thursday of an agreement between the Moroccan Ministry of Economy and Finance, the National Railway Authority (ONCF) and the IDB, the bank will provide a three-year loan to support the building of three high-speed train stations in the cities of Casablanca, Kenitra and Tangiers, said financial daily l'Economiste.

The loan represents around 88.5 percent of the overall project budget.

Sidi Mohamed Taleb, the IDB Regional Director in Rabat, said this will complete the high-speed program at the remaining stations "that will be operational by summer 2018."

The project, launched by King Mohammed VI and the former French president Nicolas Sarkozy in September 2011, was scheduled for December of 2015. It was later postponed to 2018 because of delays caused by infrastructure projects.

The first high-speed rail line in Africa is being financed by numerous partners, including the Moroccan government, France, Saudi Arabia, Kuwait and the United Arab Emirates. Around 1.5 billion dollars was secured through loans. Endit