The World Bank has announced additional financing of USD 250 million, the equivalent to MAD 2.5 billion, as part of the North-East economic development project.
The World Bank said in the press release that the funding will help improve transport connectivity and enable private sector growth in North-East Morocco, notably around the development of the Nador West Med (NWM) maritime complex.
Morocco’s North-East region faces significant development challenges and opportunities, as a result of remoteness, natural disasters and climate-related events, mineral resource depletion, an underdeveloped industrial base, and a large informal sector, explained the World Bank in its press release.
Aware of the untapped potential of the area, Morocco’s government is implementing a major infrastructure investment plan, including the development of NWM, which includes a deep-sea port and an industrial zone, as well as actions to improve the regional business environment, said the same source.
This new World Bank project will support this initiative so that territorial development can materialize, added the same source.
The project will finance the development of a priority investment roadmap, the improvement of 500 kilometers of rural roads, and the skills building of 5,000 young workers, with an emphasis on women and rural youth.
The World Bank’s loan will also help support reforms, aiming to boost private investment by $30 million in the region, and rehabilitate 170 kilometers of primary roads.
Recently, the World Bank Board of Executive Directors approved on Wednesday $100 million of additional financing for Morocco’s largest region of Casablanca, as part of the municipal Support Program, adding to the initial program of $200 million originally approved in 2017.
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