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Sunday 26 September 2021
HomeAfricaEIB loans Morocco 230 million euros

EIB loans Morocco 230 million euros

The European Investment Bank (EIB) has loaned Morocco 230 million euros earmarked for the electricity and feeder road sectors, official s ources in Rabat said on Friday.

The first loan of 170 million euros is for the National Electricity Board (ONE) to fund the strengthening of the national electric grid through installation of n ew electric posts and lines that will help improve the reliability of electricit y supply.

The second loan of 60 million euros was allocated to a Moroccan Fund in charge o f building and developing 15,500 km of feeder roads by 2012.

EIB, a long-term financing institution of the European Union (EU), has been pres ent in Morocco since 1978, and has given the north African country 2.5 billion e u ros to finance investment projects.

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