The African Development Bank (AfDB) has finalized a €350 million ($370 million) loan agreement with Morocco, with plans under consideration to provide an additional €650 million to support infrastructure projects for the 2030 FIFA World Cup, Reuters reported.
As Morocco gears up to co-host the global football spectacle alongside Spain and Portugal, becoming only the second African nation to do so after South Africa in 2010, the funding takes on added significance.
The approved funding will focus on enhancing Morocco’s economic governance, improving water supply systems, and developing an industrial zone at the Nador West Med port, according to an AfDB statement.
The bank’s total financing for Morocco spans 37 projects, amounting to $3.6 billion, underscoring its commitment to the county’s development initiatives.
Morocco is laying the groundwork for ambitious infrastructure upgrades, including air, road, and rail projects, to support its 2030 World Cup co-hosting duties.
The country also aims to construct a state-of-the-art stadium in Benslimane, near Casablanca, and revamp six existing stadiums, as outlined by the government last year.
Beyond infrastructure, the talks between AfDB President Akinwumi Adesina and Moroccan Prime Minister Aziz Akhannouch delved into crucial social priorities, such as youth employment and skills development.
Adesina extended his gratitude to King Mohammed VI for his unwavering support of the African Development Bank (AfDB), particularly in enabling the successful hosting of the Africa Investment Forum (AIF) in Rabat.
