Rabat – Morocco and the Kuwait-based Arab Fund for Economic and Social Development (AFESD) signed, on Tuesday in Rabat, a loan agreement and a guarantee one worth 864 million dirhams to fund the high-speed rail line between Tangier and Casablanca.
The agreements were signed by Economy Minister Nizar Baraka, Director General/Chairman of the Board of AFESD, Abdellatif Youssef Al Hamad, and Director General of the Moroccan railway office (ONCF) Mohamed Rabie Khlie.
Speaking at the signing ceremony, Baraka hailed ties of cooperation between Morocco and the AFESD, lauding the contribution by the Arab fund to the economic and social development of Arab countries, particularly Morocco.
He recalled that the fund financed several development projects in Morocco, especially in the fields of infrastructure, water, highways, dams, electricity, ports, agriculture and irrigation.
The AFESD’s funding of Moroccan projects totaled 30 billion dirhams between 1974 and 2011, he said.
Mohamed Rabie Khlie said that the project will promote sustainable development, land planning and development, growth, mobility and competitiveness, adding that the 350 km-long railway line will be operational by 2015.
