| Project Detail |
Location:
Morocco
Project number:
54674
Business sector:
Transport
Notice type:
State
Environmental category:
B
Approval date:
22 Oct 2024
Status:
Concept Reviewed
English-language PSD published:
16 Aug 2024
Project Description
Provision of a loan of up to EUR 110 million to Nador West Med Betoya Industriel & Logistic Zone ("NWM BILZ" or the "Client"), a wholly owned subsidiary of Nador West Med S.A ("NWM").
The loan proceeds will be used to finance the development of a greenfield economic zone with Nador West Med complex, located near the city of Nador in the Oriental Region. Investments include: land development works for the industrial and logistics platforms, construction of a wastewater treatment plant, construction of a desalination plant, energy-efficient street lighting installation and installation of an electrical pole (the "Project").
The Banks loan will be supplemented by an investment grant of EUR 5 million from EBRD Shareholder Special Fund ("SSF"), an investment grant of USD 3 million from the United Kingdom under the High Impact Partnership on Climate Action multi-donor fund ("HIPCA") and USD 2.5 million from the Global Environment Facility ("GEF") under the Financing Advanced Environmental Technologies in the Mediterranean Sea Region for Water Systems and Clean Coasts ("ENVITECC") Programme.
The Project is a follow-on to the Banks existing project with the Clients parent company NWM. In 2015, the Bank approved a sovereign-guaranteed loan of EUR 200 million to NWM to finance the construction works of the port infrastructure). In 2022, the Bank approved an additional financing of EUR 100 million to NWM to close a financing gap (Nador West Med Port (ebrd.com))
Project Objectives
The Project is expected to attract foreign direct investment into the Region, enhance the competitiveness of its local enterprises, support the development of industrial ecosystems in the ports hinterland, and further private sector development. This will open up employment opportunities for the local population, contributing to reducing regional disparities and ensuring a resilient and inclusive territorial area.
The development of NWM economic zone will emphasize climate adaptation angles and green investment wherever possible. The focus will be on energy efficiency, such as energy/resource use efficiency, to set resilient, inclusive, and sustainable territorial development, which is one of the strategic pathways to achieve the overall growth ambition formulated by Morocco. |
