Morocco gets $250 Mln World Bank loan for economic development of Nador region
The World Bank approved Friday a $250 million loan to Morocco for the economic development of its North-Eastern region. The funding will help improve transport connectivity and enable private sector growth in the North-East region, notably around the development of the Nador West Med (NWM) maritime complex.
Morocco is implementing a major infrastructure investment plan including the development of NWM maritime complex, which includes a deep-sea port and an industrial zone, as well as actions to improve the regional business environment.
“This project, which is in line with the New Development Model, will help unlock territorial development, reduce spatial disparities to ensure a sustainable and resilient territorial development, and promote competitiveness”, said Jesko Hentschel, WB Maghreb Country Director.
By contributing to job creation by the private sector and creating opportunities for economic inclusion, “we aim to support greater prosperity for the region”, added Mr. Hentschel, noting that improving the skills of local inhabitants, particularly women and rural youth, will help further strengthen local capacity and social cohesion.
The project has three main components: to strengthen the integrated territorial development approach in the North-East Region, to support private sector development, and to improve road infrastructure.
The project will finance the development of a priority investment roadmap, the improvement of 500-Km of rural roads and the skills building of 5,000 young workers, with an emphasis on women and rural youth.
It will also support reforms aimed at increasing private investment by $30 million in the Nador region and rehabilitate 170 km of primary roads.