New EIB financing in Morocco: €150 million for road modernisation
PRESS RELEASE
BEI/14/62
Rabat, 19 March 2014
New EIB financing in Morocco: €150 million for road modernisation
The European Investment Bank (EIB) and Caisse pour le Financement Routier (CFR) announce a loan agreement aimed at modernising and developing the road network in Morocco to improve traffic flows and increase user safety. In a project promoted by Morocco's Roads Directorate and Ministry of Public Works, Transport and Logistics, the €150 million (nearly MAD 1.7 billion) loan was signed on 19 March 2014 by Mr Azziz Rabbah, Minister of Public Works of the Kingdom of Morocco, and EIB Vice-President Philippe de Fontaine Vive, in the presence of Mr Mohamed Boussaid, Morocco's Minister of the Economy and Finance.
This important large-scale project is designed to upgrade and increase road capacity while opening up isolated rural areas and improving living conditions. Around 30 major structures will be refurbished throughout the country and 1 650 km of roads will be widened. There will be a particular focus on measures to improve the safety of users, passengers and the inhabitants of the areas concerned in order to bring standards up to international levels and reduce the number of accidents.
Mr Philippe de Fontaine Vive, EIB Vice-President, welcomed the signature in the following terms: "I am delighted to be signing this important loan agreement with Morocco today. By developing road infrastructure, we support growth and employment in the heart of the regions. We foster tourism and future investment in development. By improving the safety of drivers and passengers, we improve people's quality of life. This is how the EIB works: first and foremost, concrete action to meet the people of Morocco's needs".
As the leading financier of development in the Mediterranean, the EIB mobilises its resources and expertise to meet Morocco's economic and social priorities. Thus, in the past three years, the EIB has signed loan contracts worth a little over €1.4 billion (MAD 16 billion) for the implementation of projects in key sectors of the Moroccan economy such as energy, SMEs, infrastructure, water, agriculture and the training of young people. It has also prepared for the future by approving and launching new financing operations totalling €570 million (nearly MAD 6.5 billion) in 2013.
Background information
EIB activity in the Mediterranean
Supporting economic and social development while improving people's living conditions has been the EIB's objective in the European Union's nine Mediterranean partner countries since 2002. This takes the form of loans, equity, guarantees and advisory services. During the past three years, a little over €5 billion worth of new financing has been approved and launched by the EIB in support of the Mediterranean partner countries.
Press contact
Anne-Cécile Auguin, +352 621 36 19 48, a.auguin@eib.org
Website: www.eib.org/press - Press Office: +352 4379 21000 - press@eib.org