The loan, to be paid in 20 years, including a 5-year grace period, was granted t o the state-owned National Electricity Board, a Moroccan official said in Rabat o n Monday.
The project is to increase the capacity of the power station from 250 megawatts to 450-470 megawatts.
With this loan, the AfDB has contributed 287.8 million euros to the implementati on of the project whose overall cost is 452 million euros. The National Electric i ty Board would contribute nearly 100 million euros while the Global Environment F und would also give 36.6 million euros.
The project is aimed at diversifying energy sources, securing Morocco's supply i n electric energy and meeting the growing demand in energy to support the countr y 's economic growth.
The loan agreement was signed on Monday in Rabat by the Moroccan Economy and Fin ance Minister, Salaheddine Mezouar, the vice-president (Finance) of the AfDB Gro u p, Thierry De Longuemar and Director-General of the National Electricity Board, Y ounes Maamar.
The ADB has financed several projects in Morocco whose overall cost stands at 4. 8 billion euros.
Rabat - 07/04/2008
Panapress
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