French fund grants Morocco Euro 25 million loan for railway

The French Development Agency (AFD) has extended the Moroccan state-owned railway office a Euro 25 million loan destined to partially finance a railway between the northern city of Tangier and the new Tangier-Mediterranean port.

The agency says the project seeks to endow the Kingdom with infrastructure with an international port, roads, railways and free trade zones.

The Tangier Mediterranean port is scheduled to cost Euro 1.3 billion, including 330 millions for railways.

The railway component of the project is financed by two Moroccan banks consortiums (Euro 255 million) and the Jeddah-based Islamic Development Bank (IDB) with Euro 50 million.