The Djedeida - Asfi Motorway in Morocco
A loan agreement for KD 30 million was signed in Marrakesh on 17 April 2012 between the Government of the Kingdom of Morocco and the Arab Fund for Economic and Social Development to help finance the Djedeida - Asfi Motorway in the Kingdom of Morocco.
The loan agreement was signed by the General Manager of the National Company for Roads, while the guarantee agreement was signed by H.E. Nizar Barakah, Minister of Economy and Finance, on behalf of the Government of the Kingdom of Morocco. H.E. Mr. Abdlatif Yousef Al Hamad, Director General/Chairman of the Board of Directors, of the Arab Fund signed both agreements on behalf of the Fund.
The project aims to contribute to the development of transportation services on the main axes of the road network, absorb the increased traffic, and reduce traffic accidents. In addition, the project also aims to contribute to the support of the economic and social development in areas where the new motorway will pass by.
The project includes the following main components:
1 - Road construction.
2 - Supplementary work.
3 - Project management services.
The loan will carry interest at 3% per annum and will be repayable over 22 years including a 5-year grace period.
With the signing of this loan, the Arab Fund's total contribution to financing projects in Kingdom of Morocco now amounts to about KD 1,090.9 million.