Abu Dhabi Fund for Development (ADFD) has signed a concessionary loan agreement of $40 million (AED147 million) with Office Nationale des Chemins de Fer du Maroc, Morocco’s national railway operator, to develop a high-speed train between Tangier and Kenitra.
The second tranche of funding will finance a 200-kilometre long, 320-kilometre/hour high-speed train that connects both cities by 2018. The first instalment of AED368 million released in 2010 was for rehabilitating the track’s infrastructure and foundation systems.
“Our devotion is steadfast, our support is unwavering and we will continue to meticulously fund and invest in socio-economic development projects to alleviate living standards across the board,” Mohammed Saif Al Suwaidi, director general, ADFD, said in a statement.
“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,” he said.
The cost of Tangier-Kenitra high-speed train project amounts to $140.21 million (AED515 million); bringing ADFD’s current sum expenditure in Morocco to $2.4 billion (AED 8.8 billion). ADFD has funded 71 development projects in Morocco to date.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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