By Africa.com | Created at 2024-12-10 09:51:37 | Updated at 2024-12-22 03:21:19
1 week ago
The African Development Bank (AfDB) has agreed to a $370 million loan with Rabat to improve its economic governance, enhance its water supply systems, and establish an industrial zone at Nador West Med port. The organization is also mulling over whether to loan Rabat an additional $687 million to bolster its transport infrastructure ahead of the 2030 FIFA World Cup. Currently, the bank is financing 37 projects in the country, totaling $3.6 billion. If approved, Morocco, which will co-host the World Cup with Spain and Portugal, will use the new tranche of funds to upgrade its rail and airport systems. Additionally, the North African country plans to construct a state-of-the-art stadium in the city of Benslimane and upgrade six existing stadiums in time for the event.
SOURCE: REUTERS
