The African Development Bank (AfDB) announced on Friday that it had offered Morocco two loans of 120 million euros ($130 million) each. The funds are designated for developing an industrial zone in a northeastern port and for improving the country’s economic governance.
According to a statement from the AfDB, the first loan is intended to fund the development of an industrial zone at the Nador West Med port.
The latest loan increases the African Development Bank’s total contribution to development projects related to the Nador West Med port to 489.8 million euros.
Currently under construction, Nador West Med is a deepwater port expected to handle 3.5 million containers and will feature Morocco’s first liquefied natural gas terminal.
The additional loan is intended to assist Morocco’s efforts to refine the governance of public enterprises, optimize the business environment, guard against external shocks, and bolster climate change resilience, the AfDB reported.
Central bank data reveals that Moroccan government debt is anticipated to rise to 70.1% of GDP this year, up from 69.5% the previous year.
This increase reflects ongoing fiscal pressures and spending needs.
Additionally, foreign debt is expected to represent 17.6% of GDP in 2024, highlighting Morocco’s reliance on external financing.
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