Abu Dhabi Fund for Development (ADFD) has signed a concessionary loan agreement to the tune of AED 147mn with Moroccos national railway operator to finance a high-speed rail link between the cities of Tangier and Kenitra.
Complementing ADFDs first instalment of AED 368mn released in 2010 for the rehabilitation of the tracks infrastructure and foundation systems, this second instalment will be used to finance the launch of a 200-km long, 320-km/hr high-speed line that connects both hubs by 2018.
The agreement was signed in Morocco by Mohammed Saif Al Suwaidi, Director-General of Abu Dhabi Fund for Development (ADFD), and Mohamed Rabie Khlie, CEO of ONCFM, in the presence of Mohamed Boussaid, the Moroccan Minister of Economy and Finance.
Al Suwaidi said: “The Fund and the Kingdom of Morocco have enjoyed a unique and historic partnership dating back to 1976. This latest collaboration will ensure ease of movement for travellers, cargo and produce. It will dramatically decrease the duration of the trip between these two important cities from five hours to two hours.”
To date, ADFD has successfully funded 71 development projects in Morocco -12 of which targeted the transportation sector. The entirety of the Tangier-Kenitra high-speed train project amounts to AED 515mn; bringing ADFDs current sum expenditure in Morocco to AED 8.8bnn.