SDF grants Morocco $200 million loan to finance Tanja-Casablanca train project

December 10, 2010

The Saudi Development Fund (SDF) and Morocco signed an agreement today granting the latter a $200 million loan to help finance the Tanja-Casablanca express train project. The signing ceremony took place in the city of Tanja and was attended Moroccan King Mohammed VI. Minister of Economy and Finance Salah Al-Deen Mizwar singed for the Moroccan side, while SDF CEO Yousef bin Ibrahim Al-Bassam represented his organization. The total cost of the project is estimated at 20 billion Moroccan dirhams [$2.37 billion] and will be jointly funded by the SDF, the Moroccan government, the French government, the French Development Agency, the Abu-Dhabi Development Fund, the Arab Fund for Economic and Social Development and the Kuwaiti Fund for Arab Economic Development.

A separate agreement was signed yesterday in which the SDF granted Morocco a loan of SR90 million [$24 million] to finance two schools.