European Investment Bank grants 420 million-euro loan to Morocco - The European Investment Bank (EIB) Thursday granted Morocco two loans, totaling 420 million euros, to finance highways projects and port facilities, the Moroccan Press Agency (MAP) said here Thursday.
Quoting a statement issued by the EIB, MAP said the first loan, worth 220 million euros was intended for the construction of a section of the highway from Casablanca to Azilal, while the second loan, 200 million euros, is meant to extend the port of Tangiers Med.
The loan will help increase the processing capacity of Tangier Med's containers from three to eight million EVP (equal 20 feet) and to generate 5,000 direct and 20,000 indirect jobs.
The EIB had contributed to the expansion of Tangiers Med I, with funding of 40 million euros for the acquisition of the handling equipment.
Source : http://www.afriquejet.com