Morocco and the Kuwaiti Fund for Arab Economic Development signed, Tuesday in Rabat, two agreements relating to the financing of the second tranche of the High Speed Line (LGV) project, for an amount of 15 million Kuwaiti dinars, or the equivalent of 474 million dirhams.
These two loan and pledge agreements were signed by the Minister of Economy and Finance, Mohamed Bousaïd, the Director General of the Kuwait Fund, Ahmed Al-Badr and the Director General of the National Railway Office, Mohamed Rabie Khlie, in the presence of the Minister of Equipment, Transport, Logistics and Water, Abdelkader Amara.
Speaking on this occasion, Mohamed Bousaïd praised the excellent relations and the centuries-old partnership uniting Morocco and the Kuwaiti Fund, as well as its significant contribution to the financing of strategic projects in the Kingdom.
The minister insisted on the importance of the LVG, the first project of its kind on the African level as part of the structuring projects launched by Morocco, adding that it is a policy to encourage economic development, through the creation of a modern rail transport system and support the growing increase in traffic, particularly on the Tangier-Casablanca axis.
For his part, Al-Badr welcomed the historic partnership linking Morocco and the Kuwaiti Fund which dates back more than 50 years, considering that the LGV is a pioneering experience started by Morocco and a giant project which requires an enormous financial budget.
The Kuwaiti Fund for Arab Economic Development is a partner acting in the financing of several development projects on the economic and social levels in the kingdom, he underlined, recalling that the Fund contributed to the financing of the first tranche of this project, by granting Morocco a loan of 25 million Kuwaiti dinars (85 million dollars), which brings its total contribution to 40 million Kuwaiti dinars (130 million dollars).
For his part, Mohamed Rabie Khlie affirmed that the work on the LGV on the Tangier-Casablanca axis has progressed to 91% and will be completed at the end of the current year, noting that the first quarter of next year will be devoted to technical tests, before the effective launch from the first quarter of 2018.
He thus announced that work on the Casablanca-Marrakech axis has progressed and that the line will be ready at the end of 2018, noting that the LGV will reduce the duration of the journey between Marrakech and Tangier by around 4 hours.
As for Mr. Amara, he welcomed the dynamic of cooperation between Morocco and the Kuwaiti Fund, ensuring that this project will allow the Kingdom to access a higher level in terms of railway technology.
source: h24info.ma
