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AfDB offers Morocco $260m in loans for port project: Governance

Date: Jul 26, 2024

The African Development Bank (AfDB) said this Friday it offered Morocco two loans each worth 120 million euros ($130 million) to finance an industrial zone in a northeastern port and to improve economic governance in the country.

The first loan aims to develop an industrial zone at the port, known as Nador West Med, AfDB said in a statement.

The new loan brings AfDB's contribution to Nador West Med-related development projects to 489.8 million euros.

Nador West Med, a deepwater port under construction with expected capacity of 3.5 million containers, is expected to host Morocco's first liquefied natural gas terminal.

The second loan is designed to support Morocco's plans to enhance governance of public enterprises, improve the business climate, protect against external shocks and strengthen resilience to climate change, AfDB said.

Moroccan government debt is expected to increase to 70.1% of GDP this year, from 69.5% last year, with foreign debt representing 17.6% of GDP in 2024, according to central bank data.

--Reuters--