European Investment Bank loans Morocco Euros 80 million to upgrade highway infrastructure

Rabat The European Investment Bank (EIB) has granted the Moroccan Motorway Company (ADM) a loan worth 80 million euros ($90.4 million) to upgrade highway infrastructure in the region of Grand Casablanca.

The loan will finance the tripling of the Casablanca-Berrechid highway lanes on 25.8 km and the construction of a 31.7 km long bypass of Casablanca, EIB and ADM said in a joint statement on Tuesday.

This loan reflects Europe's commitment to supporting the development of Moroccan infrastructure, said EIB Vice President Emma Navarro.

For his part, ADM Managing Director Anouar Benazzouz noted that this loan would contribute to the development of the Casablanca metropolis, improve the flow of traffic and strengthen the safety of users.

Since 2007, EIB has invested over $5.6 billion in new projects in various sectors of Morocco's economy, including urban transport, energy, water and sanitation, and youth education.

Benefiting from 25 percent of EIB total investments in the region, Morocco is the second-largest recipient of the bank's financing from neighboring southern European countries.

Source: International Islamic News Agency