Morocco - AfDB Approves 119 million Euro Loan for Marrakech-Agadir Road Project
Tunis, 21 July 2006 – The Board of Directors of the African Development Bank (AfDB) has approved a loan of 118.60 million Euros to finance the construction of Marrakech-Agadir Motorway project in Morocco.
The project is in line with the Bank’s assistance strategy for Morocco, as the motorway forms part of the country’s national and regional infrastructure development plan.
1. COUNTRY: Kingdom of Morocco
2. NAME OF PROJECT: Marrakesh-Agadir Motorway
3. BORROWER: Société Nationale des Autoroutes du Maroc (ADM) BP 6526, Hay Ryad - Rabat – Morocco
Tel: 212- 22.214.171.124
4. LOCATION: Marrakesh-Agadir
5. OTHER SOURCES OF FINANCE
IsDB: UA 73.27 million
AFESD: UA 137.95 million
JBIC: UA 104.61 million
KFAED: UA 34.49 million
ADM: UA 132.85 million
6. APPROVAL DATE: July 2006
7. START-UP DATE AND DURATION: End 2006 and 4 years
8. EXECUTING AGENCY: Société Nationale des Autoroutes du Maroc (ADM) ; B.P. 6526, Hay Ryad - Rabat - Maroc
The project comprises the construction of 233.5 km of motorway linking Marrakech to Agadir consisting of two 7m-wide carriageways, a 2.5 m emergency lane, a 1-metre berm, a 5m central reserve and two 1m shoulders.
The estimated cost of the motorway is 583.99 million Units of Account (about 679.57 million Euros). The total estimated cost of the portion financed by the ADB amounts to UA 101 million equivalent to euro 118.60 million. The AfDB will finance the 33-km long Imintanout-Chichaoua section along with the construction of toll facilities and security works on the entire motorway.
The project aims at improving the standard of living of the people and reducing unemployment by supporting the economic development of the country, notably the tourist sector. It will facilitate the export of farm products by enhancing transportation between Marrakech and Agadir as well as the safety of road users.
The Bank started its operations in Morocco in 1970. To date, the total cumulative approvals stand at UA 3.9 billion in 92 projects.
* 1 UA = USD 1.47937 = EUR 1.16367 at 21/07/2006