Morocco: EBRD lends a further €100 million to Société Nador West Med
The European Bank for Reconstruction and Development (EBRD) is providing additional loan financing of €100 million to Société Nador West Med (NWM) for the construction of the Nador West Med port in the Oriental Region of Morocco.
The loan is a new, second tranche under a €200 million EBRD loan agreement signed in 2015, announced the UK-based multilateral development bank in a statement.
Nador West Med Port is part of a wider development plan for the Oriental Region of Morocco and will directly contribute to a reduction in regional disparities and support the area’s economic development. It will also improve regional access to infrastructure.
The new financing will help unlock the economic potential of the Oriental Region, as the port is expected to attract significant foreign direct investment. The port terminals will act as a catalyst for market expansion and a direct source of private-sector investment opportunities, and encourage the creation of local industry, the statemen said.
The EBRD is also extending a technical cooperation package of €1 million to assess NWM’s potential role in the hydrogen value chain. The package will also support NWM in transitioning from a construction-focused entity into a commercially focused operating entity. It will include support for establishing a skills-development initiative in the industrial port sector.
NWM, a state-owned limited liability company, incorporated in Morocco, is responsible for delivering the Nador West Med project.
The design and construction contract for the first phase of the port was awarded to a consortium of Turkey’s STFA Group, Morocco’s SGTM and Belgium’s Jan de Nul in 2016. Phase 1 includes main and secondary embankments/breakwaters, two container terminals, a petroleum terminal, and a bulk terminal, according to information posted on Jan de Nul’s website.
Morocco is a founding member of the EBRD and became a recipient of Bank financing in 2012. To date, the EBRD has invested almost €3.8 billion in the country through 90 projects.
