https://en.sputniknews.africa/20241208/morocco-secures-over-13-billion-in-funding-for-ambitious-rail-expansion-ahead-of-2030-world-cup-1069605118.html
Morocco Secures Over $13 Bln in Funding for Ambitious Rail Expansion Ahead of 2030 World Cup
Morocco Secures Over $13 Bln in Funding for Ambitious Rail Expansion Ahead of 2030 World Cup
Sputnik Africa
In October 2023, Morocco, Portugal and Spain were selected to host the 2030 FIFA World Cup, beating a South American bid led by Uruguay, Argentina, Paraguay... 08.12.2024, Sputnik Africa
2024-12-08T11:44+0100
2024-12-08T11:44+0100
2024-12-09T16:40+0100
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north africa
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Morocco's state-owned railway company, ONCF, is seeking $8.8 billion in funding to fuel a major expansion project. However, the response from investors has been overwhelmingly positive, exceeding expectations.African Development Bank (AfDB) President Akinwumi Adesina announced that ONCF received funding offers totaling over $13 billion at the recently concluded three-day Africa Investment Forum in Rabat.The AfDB played a key role in securing this investment, leveraging its partnerships with other international banks and financial institutions. In total, the forum garnered pledges of $29.2 billion for various African development projects spanning diverse sectors, including water, energy, transport, private equity, tourism, infrastructure, and pharmaceuticals.ONCF's ambitious plan includes expanding its high-speed rail network to reach Marrakech, the fourth-largest city in Morocco, before the 2030 World Cup and subsequently extending to Agadir further south.The long-term vision aims to significantly increase the network's reach, doubling the number of cities served to 43 by 2040. This expansion would provide rail service to 87% of the Moroccan population, greatly enhancing connectivity and accessibility across the country.
https://en.sputniknews.africa/20241206/african-development-bank-commits-1-billion-to-support-moroccos-2030-world-cup-bid-1069577909.html
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morocco, uruguay, portugal, african development bank (afdb), north africa, fifa world cup, development, railway, train
morocco, uruguay, portugal, african development bank (afdb), north africa, fifa world cup, development, railway, train
Morocco Secures Over $13 Bln in Funding for Ambitious Rail Expansion Ahead of 2030 World Cup
11:44 08.12.2024 (Updated: 16:40 09.12.2024) Muhammad Nooh Osman
Writer/Editor
In October 2023, Morocco, Portugal and Spain were selected to host the 2030 FIFA World Cup, beating a South American bid led by Uruguay, Argentina, Paraguay and Chile. Meanwhile, three South American nations were selected to host three opening matches to commemorate the centenary of the 1930 World Cup, which was hosted and won by Uruguay.
Morocco's state-owned railway company, ONCF, is seeking $8.8 billion in funding to fuel a major expansion project. However, the response from
investors has been overwhelmingly positive, exceeding expectations.
African Development Bank (AfDB) President Akinwumi Adesina announced that ONCF received funding offers totaling over $13 billion at the recently concluded three-day Africa Investment Forum in Rabat.
The AfDB played a key role in securing this investment, leveraging its partnerships with other international banks and financial institutions. In total, the forum garnered pledges of $29.2 billion for various
African development projects spanning diverse sectors, including water, energy, transport, private equity, tourism, infrastructure, and pharmaceuticals.
ONCF's ambitious plan includes expanding its high-speed rail network to reach Marrakech, the fourth-largest city in Morocco, before the 2030 World Cup and subsequently extending to Agadir further south.
The long-term vision aims to significantly increase the network's reach, doubling the number of cities served to 43 by 2040. This expansion would provide rail service to 87% of the
Moroccan population, greatly enhancing connectivity and accessibility across the country.
