Kuwait loans Morocco to fund High Speed Train project

- Mohamed Tamer
Sunday, 24 July 2011

Global Arab Network - The Kuwait Fund for Arab and Economic Development (KFAED) loaned Morocco 712 million dirhams (89.2 million dollars) as part of the first phase of its participation in funding the project of the High Speed Train (HST) linking Tangier to Casablanca.

Two loan and guarantee agreements related to the project were signed, Tuesday in Rabat, by the Fund and Morocco with the attendance notably of Kuwati Ambassador in Rabat Shamlan Abdulaziz Al-Roomi.

This project is part of the ambitious development program meant to reduce the distance between the Kingdom's cities. It also aims to promote high speed rail services to meet the growing demand for this environment-friendly transportation means and support Morocco's development dynamic.

The two agreements were signed, on the Moroccan side, by secretary general of the Economy Ministry Khalid Safir, and director at the railway office (ONCF) Mohamed Smouni, and on the Kuwaiti side, by director general of the KFAED Abdelwahab Ahmed Al Badr.

Source: Global Arab Network.
Link: http://www.english.globalarabnetwork.com/2011072411244/Industry/kuwait-loans-morocco-to-fund-high-speed-train-project.html.