AfDB Pledges $1 Billion in Funding to Power Morocco’s Development
The African Development Bank (AfDB) has agreed to provide Rabat with a $370 million loan to improve its economic governance, enhance its water system and establish an industrial zone in the western Mediterranean port of Nador. The organization is also considering whether to lend Rabat an additional $687 million ahead of the 2030 FIFA World Cup to strengthen its transport infrastructure. 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 funds to upgrade its railway and airport systems. Additionally, the North African country plans to build a state-of-the-art stadium in the city of Bensliman and upgrade six existing stadiums in time for the tournament.
source: Reuters
