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ADFD backs $2.3bn Morocco high-speed rail project

ABU DHABI, November 16, 2018

UAE-based Abu Dhabi Fund for Development (ADFD) said it allocated Dh514 million ($140 million) for the development of a major high-speed rail network in Morocco that connects the major cities of Tangier and Casablanca.

The landmark rail infrastructure project, which will help cut the travel time between the two cities to two hours, was developed at an estimated cost of $2.3 billion, said a statement from ADFD.

A high-level delegation led by ADFD Director General Mohammed Saif Al Suwaidi attended the launch ceremony of the 200-km long high-speed train network project held yesterday (November 15).

It was inaugurated by King Mohammed VI of Morocco in the presence of French President Emmanuel Macron, Sheikh Sultan bin Tahnoun Al Nahyan, Member of the Executive Council of Abu Dhabi, Ali Salim Al Kaabi, UAE Ambassador to Morocco and several top Moroccan officials.

The 320-km per hour super-fast train network will help bolster the movement of people, increasing nationwide and cross-city trade and tourism as well as driving sustainable economic development.

Speaking at the launch, Al Suwaidi said: "We are proud of the strategic partnership between the Moroccan government and ADFD. Supporting Morocco’s development programmes and objectives has resulted in economic growth and diversification, new job opportunities, and sustainable development in key sectors in that country."

"A first-of-its-kind initiative in the African continent, this state-of-the-art high-speed train will dramatically improve travel times and living standards," he added.

A leading national entity for global development aid, ADFD said it has so far funded 12 transportation projects worth an estimated Dh2.4 billion ($650 million) to support socio-economic development in Morocco.

To date, the Emirati fund has supported Morocco with grants and concessionary loans worth Dh9 billion across 82 development projects spanning diverse sectors, including housing, water, agriculture, education and healthcare.-TradeArabia News Service

Tags: abu dhabi | Morocco | ADFD | high-speed rail project |

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