The European Investment Bank (EIB) granted Morocco a new loan of 250 million euros to improve the quality of railway services.
The contract, signed on Wednesday, concerns a €200 million (DH2.1 billion) financing which represents 80 percent of a global envelope of €250 million made available to the National Railway Office (ONCF). The remaining €50 million (DH 527 million) is scheduled to be signed in 2023.
This agreement is the first project signed under the Green Partnership with the Kingdom of Morocco, on October 18, 2022 in Rabat, which also represents the first partnership concluded under the external dimension of the European Green Deal. This financing thus gives concrete expression on the ground to the policy guidelines of the EU’s New Mediterranean Agenda and the “Team Europe” initiative, according to EIB.
The agreement supports ONCF’s investment plan to renew the existing conventional rail infrastructure and to modernise the facilities using state-of-the-art technology throughout the 2 300 km national rail network. It will contribute to the development of sustainable low-carbon mobility, while promoting a better territorial balance in terms of access to rail services.
HA/lb/abj/APA