African Development Bank approves 60-mln-USD loan to Morocco

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RABAT, May 25 (Xinhua) -- The African Development Bank has approved 57 million euros (about 60.7 million U.S. dollars) as an additional loan to finance the ongoing construction of the Nador West Med Port complex in northern Morocco, official RIM radio reported Wednesday.

The bank granted 113 million euros in 2015 for the same infrastructure project, which is expected to be completed in December 2024.

The Nador West Med Port is a major new port and industrial complex located on Morocco's Mediterranean coast around 30 km from the town of Nador, with an estimated cost of more than 1 billion euros.

This infrastructure will involve a mixed cargo port including terminals for containers, hydrocarbons and ships, backed by an industrial investment Free Zone of 1,500 hectares (15 square kilometers), the report said. Enditem

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