A high-level delegation from Abu Dhabi Fund for Development (ADFD), the national entity for international development aid, has attended the inaugural ceremony of the $2.3 billion landmark infrastructure project in which it invested.
The project includes a high-speed train service connecting the cities of Tangier and Casablanca that reduces travel time to two hours.
Inaugurated by King Mohammed VI of Morocco, ADFD’s contribution to the 200km long, 320-km/hr high-speed train amounted to $140 million.
Through linking the two cities, this important infrastructure project will bolster the movement of people, increasing nationwide and cross-city trade and tourism as well as driving sustainable economic development, a statement said.
Mohammed Saif Al Suwaidi, general director of ADFD, said: “Supporting Morocco’s development programmes and objectives has resulted in economic growth and diversification, new job opportunities, and sustainable development in key sectors in that country. A first-of-its-kind initiative in the African continent, this high-speed train will dramatically improve travel times and living standards.”
The fund has so far funded 12 transportation projects worth an estimated $650 million to support socio-economic development in Morocco.
To date, the ADFD said it has supported Morocco with grants and concessionary loans worth AED9 billion across 82 development projects spanning diverse sectors, including housing, water, agriculture, education and healthcare.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.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.