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Web Release
19-03-2025
- Business
- Web Release
EBRD, United Kingdom and GEF support Nador West Med port complex
The European Bank for Reconstruction and Development (EBRD) is providing a senior loan of €110 million to support the development of an economic zone within the Nador West Med industrial port complex , which is located near the city of Nador in Morocco's Oriental region. This is the Bank's third investment in the Nador West Med complex, following the provision of financing in 2015 and 2022. The Bank's loan to Betoya Industriel and Logistic Zone (BILZ) is backed by a sovereign guarantee and is complemented by three investment grants: €5 million from the EBRD; US$ 3 million (€2.8 million) from the United Kingdom under the High-Impact Partnership on Climate Action (HIPCA); and US$ 2.5 million (€2.3 million) from the Global Environment Facility (GEF) under the Environmental Technology Transfer programme. This financing package will support land development work for industrial and logistics platforms within the economic zone adjacent to Nador West Med port, as well as helping to finance an on-site desalination plant, two wastewater treatment plants and energy-efficient street lighting. The financing will promote the use of sustainable water management solutions and energy-saving technologies for the economic zone's public lighting, contributing to the climate resilience of the zone. The development of this zone is expected to unlock the economic potential of the Oriental region, attracting foreign direct investment, boosting private-sector development and creating employment opportunities for the local population. The EBRD is also providing a technical cooperation package to support BILZ's digitalisation efforts, helping to establish a fully automated one-stop-shop for future investors in the economic zone. This package also includes support for the development of a sustainable infrastructure plan and the rollout of a capacity-building programme for the Nador West Med complex. Sue Barrett, Director of the EBRD's Europe, Middle East and Africa (EMEA) Infrastructure team, said: 'We are delighted to continue to support the development of the Nador West Med complex, a landmark project that is set to unlock the economic potential of Morocco's Oriental region. This project is expected to be a replicable model of a climate-resilient digital economic zone, attracting foreign direct investment, furthering private-sector development and creating job opportunities for the local population.' Mohamed Jamal Benjelloun, Director General of Société Nador West Med S.A. and BILZ, said: 'The Nador West Med industrial port complex will be a key driver of the economic development of the Oriental region, creating jobs and attracting industrial investment. I would like to thank the Minister for Economy and Finance and the Treasury and External Finance Department for their unwavering support, the EBRD for its continued support and confidence, and the United Kingdom and the GEF for their contributions. Our collaboration has made this strategic project a reality, which will have a positive impact on the region.' BILZ is a state-owned limited liability company that was established in Morocco in 2023 to manage and develop the economic zone adjacent to Nador West Med port. BILZ is a wholly owned subsidiary of Société Nador West Med S.A. – also a state-owned limited liability company and an existing client of the EBRD under the Nador West Med port project. Morocco is a founding member of the EBRD and became a recipient of Bank financing in 2012. To date, the EBRD has invested more than €5.3 billion in the country through 112 projects. *HIPCA is also supported by Austria, Canada, Finland, Germany, the Netherlands, South Korea, Spain, Switzerland, the TaiwanICDF and the United States of America.
Morocco World
12-02-2025
- Business
- Morocco World
EBRD Invests €38 Million in ONCF's Green Bond to Support Morocco's Railway Transition
Rabat – The European Bank for Reconstruction and Development (EBRD) has agreed to invest up to MAD 400 million (€38.4 million) in a green bond issued by Morocco's national railway operator, ONCF. This bond, valued at MAD 2 billion (€192 million), will help refinance ONCF's recent development projects focused on sustainability. This is ONCF's second green bond after the inaugural one in 2022, again supported by EBRD. Sue Barrett, EBRD Director for Europe, Middle East, and Africa (EMEA) Infrastructure team, said, 'The EBRD's participation in this bond issue demonstrates our continued commitment to the Kingdom of Morocco in terms of ensuring the sustainable growth of its railway network, as well as the development of Moroccan capital markets.' 'We also aim to work with ONCF to develop further green financial products while enhancing governance initiatives,' she added. The proceeds from the bond will be used by ONCF to upgrade, renovate and electrify sections of its rail network, purchase and replace electric trains, add safety features, and improve transport planning. The bond came after the Climate Bond Standards, with certification from the Climate Bonds Standard Board. It also includes a guarantee from Morocco's state-backed financing institution. Read Also: Morocco Is a 'Major Investment Destination' for EBRD, Says President Renaud-Basso Mohamed Rabie Khlie, ONCF's Chief Executive Officer, described the project as a milestone. 'The success of this second green bond issue confirms ONCF's commitment to sustainable development. Railways play a key role in cutting carbon emissions from mobility, and this bond strengthens our efforts to promote an efficient and environmentally responsible mode of transport.' EBRD remains the sole foreign investor in the bond. The bank says it will provide funds to incorporate these new technologies to ready ONCF for its future exposure to green financial instruments. The package will allow ONCF to adopt International Financial Reporting Standards (IFRS) and pave the way for a possible sustainability-linked loan. The new agreement follows the start of cooperation between the EBRD and ONCF in 2022 with Morocco's first infrastructure sector green bond. The two institutions are also set to cooperate on other new projects in the green sector. Morocco is one of the EBRD's founders and an economic investee as of 2012. The bank has invested more than €5.2 billion in 110 projects in the North African country since operations began. Tags: africa economyMorocco
