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Abu Dhabi Fund for Development funds Dh 367.3 m high speed railway project in Morocco |
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In line with its drive to support development process in the developing countries, the Abu Dhabi Fund for Development (ADFD) attended a ceremony to celebrate the commencement of construction works in the high speed railway project (TGV) connecting the two cities of Casablanca and Tangier in the Kingdom of Morocco. In the ceremony, which was held in Tangier and attended by His Majesty King Mohammed VI of Morocco, two loan and fund guarantee agreements, both estimated at around Dh367.3 million (about US$ 100 million), were also inked. The loan agreement was signed by Mr. Mohammed Saif Al Suwaidi, Acting Director General of ADFD, and Mr. Mohammed Rabie’ AL Khalie’, Director General of the National Railway Bureau in Morocco. Meanwhile, Mr. Al Suwaidi and Salaheddine Mezouar, the Moroccan Minister of Economy and Finance, signed the guarantee agreement. Commenting on the event, Al Suwaidi said that the high speed railway project would make a huge qualitative stride in the transport field in Morocco by providing a highly competitive means of transportation in terms of safety, quality and speed. "The project will meet the expected increase in demand on this type of transportation after the operation of Tangier Mediterranean port, which was financed with Dh 734.6 million contribution from ADFD and which is expected to witness excessive activities in 2012", he said. Al Suwaidi noted that the high speed railway could cut travel times between the main cities of Casablanca and Tangier from 5 hours to just two, positively reflecting on the economic development pace by doubling number of containers and raising number of passengers from 6 to 10 million starting from 2015 every year. In the same context, Mr. Adel Al Hosani, Projects Department Director, ADFD, said the project sounded promising for Moroccan economy, especially for the transport sector, as it would provide fast and easy transportation between Casablanca and Tangier. "The high speed railway project includes the construction of the first phase 200 km high speed track (320km/h) between Tangier and Kenitra and connecting it to the existing railway network. It also involves civil works, equipment supply for the existing accesses and facilities in Tangier and Kenitra stations, purchase of self-propelled coaches for high speed trains and construction of train maintenance station in Tangier", he added. On the other hand, Mr. Mohammed Rabie’ Al Khalie’ stressed that the high speed railway project linking Casablanca and Tangier comes in line with the Moroccan government directives aiming at achieving socio-economic development in the country. The project, according to Al Khalie’, is designed to make a big stride in the national railway system by establishing modern and effective railway to meet the increasing demand on this sort of transportation in the Kingdom. |
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