Brussels, 26/10/2009 (Agence Europe) - In Rabat on Thursday 22 October, the European Investment Bank (EIB) and Morocco agreed a €225 million loan for the Autoroutes du Maroc company for motorway infrastructure work which form part of the North African corridor project that is backed by the Facility for Euro-Mediterranean Investment and Partnership (FEMIP). The loan will help fund the widening of the main road linking Rabat and Casablanca to three lanes in either direction and the Rabat by-pass by means of a cable-stayed bridge, the first of its kind in the Kingdom, over the Bouregreg Wadi. The agreement was signed by Philippe de Fontaine Vive, Vice-President of the EIB, and Otman Fassi Fihri, Director General of Autoroutes du Maroc, in the presence of the economy and finance minister.
This “unprecedented” loan is the “largest granted to Morocco so far” in 2009 by the EIB for investment projects to boost economic and social development, the Bank says. “In less than 15 years,” the Bank goes on, “9.5 billion dirhams (€850 million) have been made available to help Morocco build a high quality, compact road network, a key condition for balanced development of economic activity and employment” throughout the country. To help create a modern, high performance economic environment, the EIB has provided funding for a car production site, and been involved in the programme to upgrade schools to improve access to education. Furthermore, before the end of the year, it intends to contribute to the completion of the capital's tramway system. Thus, in all, €540 million will be made available. “We are keen to continue to support the programme modernising and opening up the economy undertaken by the Kingdom,” de Fontaine Vive said. (F.B./transl.rt)