21 °C Partly cloudy Rabat

Friday 13 October 2017

AFD Loans Morocco € 80 mln for HSR

Vocal synthesis
AFD Loans Morocco € 80 mln for HSR

The Agence française de développement (AFD) loaned Morocco, on Monday, 80 million euros to finance the last phase of the High Speed Rail project (HSR) linking Tangiers to Casablanca.

The new loan, whose agreement was inked in Rabat by the national railways office (ONCF) and the AFD during a ceremony chaired by economy minister Mohamed Boussaid and French minister for Europe and foreign affairs Jean-Yves Le Drian, will help finalize the funding of this structuring project which has "generated a slight additional expenditure".

Speaking at the opening of this ceremony, Boussaid said that, with this funding, the AFD's contribution will amount to over 300 million euros and France's to more than a billion euros, that is over 50% of the project's funding.

He added that the said project will provide a convenient and lasting solution to the growing and regular demand for transportation.

Le Drian affirmed that the HSR project is the fruit of a partnership based on trust between Morocco and France, and on funding provided by the different French stakeholders.

For his part, director general of ONCF Mohamed Rabie Khlie said that works related to infrastructure, rails and electric cables is complete, and that tests are being conducted over 110 km to reach the speed of 320 km/h by the end of this week.    

MAP 09 October 2017