Rabat, Morocco — The African Development Bank (AfDB) signed a €350 million ($370 million) loan agreement with Morocco on Thursday to support key infrastructure projects and enhance the country’s economic governance. The deal was finalized during the AfDB’s Africa Investment Forum in Rabat.
According to an AfDB statement, the loan will be used to improve Morocco’s economic governance, strengthen its water supply systems, and develop an industrial zone at the Nador West Med port. These investments are part of broader efforts to boost Morocco’s economic resilience and competitiveness.
In addition to the €350 million loan, the AfDB is considering an additional €650 million financing package aimed at upgrading Morocco’s rail and airport infrastructure in preparation for the 2030 FIFA World Cup. Morocco, alongside Spain and Portugal, will co-host the prestigious international soccer tournament.
AfDB President Akinwumi Adesina confirmed that the bank is in discussions to provide the additional funding to support Morocco’s World Cup infrastructure development, which is expected to improve transportation and connectivity across the country.
This new financing agreement adds to the AfDB’s ongoing support for Morocco, with the bank having already committed $3.6 billion for 37 development projects across the country.
Source: Reuters
