BAKU, Azerbaijan, March 18. The European Bank for Reconstruction and Development (EBRD) has announced a 110 million euro senior loan to support the development of an economic zone within Morocco's Nador West Med industrial port complex, Trend reports.
This is the bank’s third investment in the complex, following previous financings in 2015 and 2022.
The loan is provided to Betoya Industriel and Logistic Zone (BILZ), which is backed by a sovereign guarantee. It is complemented by three investment grants: 5 million euros from the EBRD, $3 million (2.8 million euros) from the UK’s High-Impact Partnership on Climate Action (HIPCA), and $2.5 million (2.3 million euros) from the Global Environment Facility (GEF).
The funding will be used for land development, industrial and logistics platforms, a desalination plant, wastewater treatment plants, and energy-efficient street lighting in the economic zone. This initiative will also focus on sustainable water management and energy-saving technologies to enhance the zone's climate resilience.
The project aims to boost economic growth in Morocco’s Oriental region, attract foreign direct investment, and create job opportunities for the local population. The EBRD is also supporting the zone’s digitalization efforts by providing technical cooperation to help establish an automated one-stop-shop for future investors.
The Nador West Med industrial port complex is expected to drive significant economic development in the region. The project aligns with Morocco's efforts to attract industrial investment and create employment, with continued support from the EBRD, the UK, and the GEF.
The EBRD has invested more than 5.3 billion euros in Morocco through 112 projects since the country became a recipient of the bank's financing in 2012.