Global Arab Network | Morocco building € 1.8 billion Tangier-Casablanca high-speed train line

Translate this article to your language:

GANPublications

e-Publications

Service Menu

Add Site to Favorites

Add Page to Favorites

Make Homepage

Share This Page

Morocco building € 1.8 billion Tangier-Casablanca high-speed train line

Sunday, 30 May 2010 16:10

morocco_-_angier-Casablanca_high-speed_train_TGV

Rabat - As part of the special interest given by HM King Mohammed VI to large-scale projects undertaken in the Kingdom, the Sovereign endeavored to raise the funds needed to carry out the Tangier-Casablanca high-speed train (TGV), worth 20 billion dirhams (about € 1.8 billion), a statement of the Royal Cabinet said on Sunday.

Morocco allocates 5.8 billion dirhams to fund this project, the state contributes 4.8 billion dirhams while the Hassan II Fund for economic and social development contributes 1 billion dirhams.

France agreed to provide a contribution of 900 million Euros for the financing of this project under an agreement signed in Marrakech on the occasion of an official visit to the kingdom, in October 2007, of French President Nicolas Sarkozy.

The agreement is part of strengthening the exemplary partnership and the close ties of friendship and fruitful cooperation linking Morocco to France.

To provide the remaining 400 million Euros needed to implement the project, HM the King contacted leaders of brotherly countries who have responded positively and expressed their willingness to actively contribute to the achievement of this project.

In this respect, Saudi King Abdullah Ibn Abdulaziz granted Morocco some $ 200 million.

HM King Mohammed VI expressed to the Saudi Monarch deep appreciation for this generous support that reflects the closeness of relations and active solidarity uniting Morocco and Saudi Arabia. (MAP)

Global Arab Network