Morocco receives €80 Million EIB infrastructure grant

epa05101450 (FILE) A file photo dated 15 December 2008 showing an exterior view of the European Bank of Investment in Luxembourg. The European Investment Bank has put on hold lending to the German carmaker Volkswagen, amid concerns that a previous loan may have played a role in its emissions scandal, the president of the European Union's lending arm Werner Hoyer says 14 January 2016. 'For many, many years we have been active in high-tech research and development with Volkswagen,' Werner Hoyer said in Brussels. 'We were astonished, disappointed and we are now concerned about the allegations, including indications by senior company executives of improper and possibly fraudulent behaviour by Volkswagen.' EPA/NICOLAS BOUVY

The European Investment Bank (EIB) and the Moroccan Motorway Company, la Société Nationale des Autoroutes du Maroc (ADM), signed million financing agreement to upgrade highway infrastructure in and around Casablanca.

The amount will finance the tripling of the Casablanca-Berrechid highway lanes on 25.8 km and the construction of a 31.7 km long bypass of Casablanca.

The project aims to relieve traffic congestion in the Greater Casablanca, improve transport conditions, develop mobility and strengthen road safety.

At the signing ceremony, visiting Vice President of the EIB, Emma Navarro, said Morocco is a “key partner of the European Union and the European investment institution.”

ADM Director General, Anouar Benazzouz, on his part said this project will contribute to the development of the Casablanca metropolis, improve the flow of traffic and strengthen the security of users.

The financing agreement signed is the 10th between the EIB and ADM.

Since 2007, the EIB has invested almost €5 billion in new projects in key sectors of the Moroccan economy, such as urban transport, energy, water sanitation, as well as youth education.

Benefiting from 25% of the bank’s total investment in the region, Morocco is the second-largest recipient of EIB financing from southern European countries.

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