FINANCIAL NEWS

Abu Dhabi’s ADFD inks $100m deal with Morocco

12 Dec 2010

(MENAFN) Acting Director General of the Abu Dhabi Fund for Development (ADFD), Mohammed Saif Al Suwaidi, has signed two loan and fund guarantee deals with Morocco, with a combined valued of approximately $100 million, to fund a high speed railway project in Morocco, Khaleej Times reported.

Al Suwaidi signed the loan agreement with the Director General of the National Railway Bureau in Morocco, Mohammed Rabie “Al Khalie”, whereas the guarantee agreement was signed with the Moroccan Minister of Economy and Finance Salaheddine Mezouar.

The high speed railway could cut travel times between the main cities of Casablanca and Tangier from 5 hours to just two, positively reflecting on the economic development pace, explained Mezouar.

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