EIB lends $117 million to Morocco for energy schemes
The European Investment Bank (EIB), the European Union’s financing institution will provide a €120 million ($117.2 million) loan to Morocco’s Office National d’Électricité (ONE).
The finance project aims to increase the electric transmission capacity between Morocco and Spain and Algeria as well as to make the existing domestic network more secure.
The projects promoted by ONE will facilitate regional cooperation and integration in the energy sector while increasing the volume of power exchanges between the Maghreb countries and Europe.
By improving the reliability of the national network and expanding the capacity of an existing trans-European network, the project should in the long run assist in the liberalization of the local electricity market.
The project will be co-financed by the African Development Bank (AfDB) and the Agence Française de Développement (AFD). — (menareport.com)
© 2002 Mena Report (www.menareport.com)