Morocco has Signed Funding Agreements for High Speed Railway Project
Morocco has signed five funding agreements for the proposed MAD20bn ($2.3bn) Tangier to Casablanca high-speed train project.
The nation signed two agreements for a €625m ($836.6m) loan from the French Emerging Country Reserve.
It will also receive $200m from the Saudi Fund for Development and $100m from the Abu Dhabi Fund for Development.
The final agreement is a purchase contract with French manufacturer Alstom to provide Morocco’s national railway company ONCF with 14 double-deck very high-speed train sets.
The state’s budget is offering MAD4.8bn ($578m) and Hassan II Fund for Economic and Social Development MAD1bn ($120m) for the project, along with France’s donation of €75m ($100m) and the $140m loan granted by the Kuwait Fund for Arab Economic Development.
Morocco will also receive loans by the French Development Agency for €220m ($294.4m) and the Arab Fund for Economic and Social Development ($100m).
The Tangier-Casablanca high-speed rail will be operational by late 2015.