The European Investment Bank (EIB) has committed two loans totalling € 420 million (US$ 553 million) to Morocco to support transport and energy infrastructure projects.
This includes a € 240 million (US$ 316 million) loan to Morocco's national road authority, Autoroutes du Maroc. The funds will support construction of a new, 142 km motorway between El Jadida, a port city on Morocco’s Atlantic coast, and Safi, a city further down the west coast.
The funding also includes a € 180 million (US$ 237 million) loan to support the extension of Morocco’s electricity grid. The loan will support phase three of a network improvement programme covering the period 2012 to 2015, which aims to integrate new generating units into the grid − including renewable energy – and install and upgrade some 1,300 km of overhead power.
In addition, 6,400 MVA of transformation capacity is planned to be installed, together with 150 substations.