Abu Dhabi - Mubasher: The Abu Dhabi Fund for Development (ADFD) signed AED 147 million loan agreement with the Moroccan government to finance a high speed railway project between Tangier and Kenitra.
The new loan agreement raises the project’s total finance cost to AED 515 million ($140 million), according to a press release.
In 2010, ADFD signed the first loan installment with a total value of AED 368 million ($100 million) to finance the project’s infrastructure.
The director general of ADFD, Mohammed Saif Al Suwaidi, said that the 200 kilometer long and 320 kilometer per hour high-speed railway which is set to be launched in 2018, aims at developing the transportation services in Morocco.
The Abu Dhabi Fund has so far funded 71 development projects in Morocco since 1976, with total investments of AED 8.8 billion, of which the transportation sector accounted for 28% or AED 2.4 billion through the funding of 12 projects.
