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Abu Dhabi Fund for Development launched $2.3 billion project

A high-level delegation from Abu Dhabi Fund for Development, ADFD, today attended the inaugural ceremony of the US$2.3 billion landmark infrastructure project of a high-speed train service connecting the cities of Tangier and Casablanca in Morocco.

Inaugurated by King Mohammed VI of Morocco, the opening ceremony was also attended by French President Emmanuel Macron, Sheikh Sultan bin Tahnoun Al Nahyan, Member of the Executive Council of Abu Dhabi, Ali Salim Al Kaabi, UAE Ambassador to Morocco, Mohammed Saif Al Suwaidi, Director-General of ADFD, and several high-ranking Moroccan officials.

ADFD’s contribution to the 200-km long, 320-km/hr high-speed train amounted to US$140 million (AED514 million). Through linking the two cities and reducing the travel time to two hours. This important infrastructure project will bolster the movement of people, increasing nationwide and cross-city trade and tourism as well as driving sustainable economic development.

Speaking on the occasion, Mohammed Saif Al Suwaidi said, “We are proud of the strategic partnership between the Moroccan government and ADFD. Supporting Morocco’s development programmes and objectives has resulted in economic growth and diversification, new job opportunities, and sustainable development in key sectors in that country. A first-of-its-kind initiative in the African continent, this state-of-the-art high-speed train will dramatically improve travel times and living standards.”

The Fund has so far funded 12 transportation projects worth an estimated AED2.4 billion (US$650 million) to support socio-economic development in Morocco.

To date, the Fund has supported Morocco with grants and concessionary loans worth AED9 billion across 82 development projects spanning diverse sectors, including housing, water, agriculture, education and healthcare.

Source: WAM

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