Morocco’s Casablanca-Settat region and the International Finance Corporation (IFC) inked on Thursday a $100 million financing agreement for the construction of two new tramway lines in Casablanca and other infrastructure projects.
The funding deal was signed by Mustapha Bakkoury, President of the Regional Council of Casablanca-Settat region, Nabil Belabid, Director General of Casa Transports and Sérgio Pimenta, IFC Vice-President for the Middle East and Africa.
IFC’s loan will enable the Casablanca-Settat region to expand tram service by building two new lines. The expansion will add 39 stop stations and 26 kilometers of track to the existing tramway network and reduce travel times by up to 40 percent.
IFC’s support will also help the Region upgrade several hundred kilometers of rural roads in remote rural communities, connecting some 400,000 people to schools, hospitals, and other services.
“Casablanca-Settat Region is the economic heart of Morocco and by expanding public transit and the local road network, we can help connect people, especially those living in rural areas, to jobs and services, thus reducing regional disparities and improving the quality of people’s lives,” said Mr. Bakkoury.
For his part, Mr. Sérgio Pimenta, IFC Vice- Pdt said this is the first commercial financing sealed by a region without a sovereign guarantee, noting that this project is in line with the royal vision for advanced regionalization and inclusive regional development aimed at improving the citizen’s living conditions.