Morocco to upgrade highway infrastructure, European Investment Bank grants €80m loan

The European Investment Bank has granted Morocco a gigantic amount of €80 million loans to upgrade highway infrastructure in and around Casablanca. It has recently signed the financial agreement with la Société Nationale des Autoroutes du Maroc, the Moroccan Motorway Company in the capital city, Rabat.

Moroccan Motorway Company’s officials said in a statement that the loan would fund roadwork in Casablanca to ease traffic. The company looks forward to utilizing the loan to develop transport conditions, mobility and road safety in Morocco. The amount 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. The Greater Casablanca route currently carries around 70,000 vehicles per day.

“Morocco is a key partner of the European Union and the European investment institution,” Emma Navarro, Vice President of the European Investment Bank said.

The European Investment Bank is celebrating 40 years of cooperation with Morocco this year. Hence, the globally-acclaimed financial institution “stands ready to support the long term ambitious plans and strategic investments of the kingdom,” Emma Navarro continued, adding that “this loan responds to Europe’s desire to support the development of Moroccan infrastructure.”

The European Investment Bank has been investing since 2007 in new projects in key sectors of the Moroccan economy such as energy, urban transport, water-sanitation and youth education.

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