High-Speed Train in Morocco
A loan agreement, and a guarantee agreement, for KD 50 Million were signed in Rabat on the 21st of December 2016 to help finance a project for the High-Speed Train Tangier – Casablanca in the Kingdom of Morocco.
The loan agreement was signed by Mr. Mohammed Rabi'e Al Khale'e, on behalf of the “Office National des Chemins de Fer”, while the guarantee agreement was signed by H.E. Mr. Mohammed Bou Said, Minister of Finance and Economy, 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 at contributing to the economic and social development of the north western regions of the Kingdom of Morocco, and at improving land transportation services to accommodate the rapidly growing demand for passenger railway transportation between Tangier, Kenitra, Rabat and Casablanca. The project also aims at strengthening the links between the various urban areas through the use of the high-speed train, which provides a fast and safe means of transport for its passengers. In addition, the project will contribute to the development of various services inside and outside the five new passenger stations included in the project.
The project includes the following key elements:
1- Construction of a Railway Line for the High-Speed Train.
2- Rolling Stock.
3- Maintenance Workshop.
4- Passenger Stations.
5- Consultancy Services.
6- Land Expropriation.
The loan will carry interest at 2.5% per annum and will be repayable over 30 years with a 5 year grace period.
The “Office National des Chemins de Fer” will be the beneficiary of the loan.
With the signing of this loan, the Arab Fund’s total contribution to financing projects in the kingdom of Morocco now amounts to KD 1,352.9 Million.