Kingsley Kobo, AfricaNews reporter in Abidjan, Ivory Coast
The African Development Bank (AFDB) has approved a loan worth 110 million euros ($166.2 million) to help expand Morocco's electricity network. The loan will be used by state-owned National Electricity Office (ONE) to finance a thermo-solar power station project in Aïn Beni Mathar in eastern Morocco.
The project is to increase the capacity of the power station from 250 megawatts to 450-470 megawatts.
Morocco’s Energy Ministry says the initiative is aimed at diversifying energy sources, securing energy supply and meeting the growing demand in energy, thereby supporting the country’s economic growth, , Reuters said.
The agreement was signed earlier this week in Rabat by Morocco’s Finance Minister Salaheddine Mezouar, the vice-president of AFDB, Thierry De Longuemar and the director of ONE, Younes Maamar.
The loan is to be paid in 20 years including a 5-year grace period, according to Moroccan officials.
The African Development Bank (AFDB) has approved a loan worth 110 million euros ($166.2 million) to help expand Morocco's electricity network. The loan will be used by state-owned National Electricity Office (ONE) to finance a thermo-solar power station project in Aïn Beni Mathar in eastern Morocco.
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