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Morocco-AfDB Sign $112.30 Million Loan on Railway Infrastructure
Morocco and the African Development Bank (AfDB) signed, on Friday in Rabat, loan and guarantee agreements totaling 112.30 million dollars related to the project of reinforcing the railway infrastructure of the National Railways Office (ONCF).
The guarantee agreement related to the said project was inked by Economy Minister Mohamed Boussaid and Yacine Fal, AfDB resident representative in Morocco, said the Economy Ministry in a statement.
This agreement is aimed at contributing to increase the railway transportation offer between Casablanca and Marrakech, and improve the capacity and service quality in stations between Tangier and Casablanca to meet the needs of goods and travelers traffic by the year 2020, it added.
Concerning the loan agreement related to this project, it was signed by Yacine Fal and ONCF director general Mohamed Rabie Khlie.
Speaking at the signing ceremony, attended by Equipment and Transport Minister Aziz Rabbah, Boussaid commended the cooperation ties between Morocco and AfDB, underlining the diversity of AfDB-funded reform programs and investment projects since the beginning of cooperation between the two parties in 1970.
The Bank has 29 operations under way in Morocco amounting to 1.53 billion euros.