Supplementary loan for Ain Beni Mathar Thermo-solar Station
Rabat, 7 April 2008 – The African Development Bank (AfDB) Vice President for Finance, Thierry de Longuemar, Morocco’s Economy and Finance Minister, Salaheddine Mezouar and the Director General of the country’s National Electricity Corporation (ONE), Younes Maamar, have agreed to proceed with the signing of a supplementary loan and project guarantee agreement for the Ain Beni Mathar power station in Morocco.
The € 151.40 million loan to ONE, guaranteed by the state, brings the AfDB’s contribution to the financing of the thermo-solar project to € 287.85 million, covering two thirds of the project financing needs.
This project, which benefited from € 136.45 million AfDB financial support in 2005, aims at supporting the government’s efforts to secure electricity access in the country, diversify energy sources and reduce greenhouse gas emissions. The supplementary loan will increase the power station’s capacity to meet growing electricity demand in the country. Specifically, the project will help balance energy supply and demand from 2008 to 2011.
Cooperation between AfDB and Morocco in the energy sector dates back 38 years. The new loan, which is the Bank’s 12th operation in the sector, brings the AfDB’s cumulative portfolio in the sector in Morocco to € 570 millions, representing 12% of total cumulative support to the country, which currently stands € 4.88 billion.