12 July 2003 14:58
EIB LENDS EURO 14 MILLION FOR PORT INFRASTRUCTURE
The European Investment Bank is putting up a loan of Euro 14 million to the Kingdom of Morocco for the repair and
upgrading of breakwaters and quays, along with the improvement of operational safety, at five of the country's
ports: Tangiers, Larache, El Jadida, Essaouira and Sidi Ifni. The works will be carried out by the Ports Directorate of
the Ministry of Equipment, Housing and Town and Country Planning. The project forms part of the Kingdom of
Morocco's National Economic and Social Development Plan 2000-2004. According to EIB Vice-President Philippe de
Fontaine Vive, this is the fifth loan made available by the EIB for Morocco's ports sector. "The development
of port infrastructure is essential to the country's economy in terms of both facilitating Morocco's
international trade (98% of which passes through its ports) and fostering the activity of private companies in the
fisheries and logistics sectors", he said. The project matches the objectives of the new Facility for
Euro-Mediterranean Investment and Partnership (FEMIP) launched by the Bank last October, one of whose priorities is to
create an environment favourable to the growth of private enterprise.
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