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EBRD To Provide €40 Mln To Upgrade Of Moroccan Ports

EBRD to provide €40 mln to upgrade of Moroccan ports

Casablanca, Morocco (PortSEurope) April 20, 2020 – The European Bank for Reconstruction and Development (EBRD) is to furnish a non-sovereign loan of up to €40 million to Agence Nationale des Ports (ANP – National Ports Agency) to finance the rehabilitation, upgrade and strengthening of the infrastructure in the Moroccan ports of Agadir, Kenitra, Casablanca, Sidi Ifni, Tan-Tan and Larac. The Bank’s loan would be accompanied
by the mobilisation of grant funding of USD 6.2 million from the Global Environment Facility (GEF). The loan will support ANP in financing parts of its investment programme, to preserve port infrastructure assets, improve the infrastructure resilience, and integrate and mainstream climate change adaptation measures into ANP’s infrastructure investments. This will lead to a systemic impact on how ANP incorporates climate change adaptation into its investments. The project will finance works to improve climate change resilience in Moroccan ports, which are exposed to extreme weather events such as storms and extreme waves and winds with increased frequency and severity. Under the Green quality, EBRD also targets the introduction of best international climate resilience measures and climate risk management strategy by ANP. EBRD’s loan and GEF’s capex grant are expected to finance: Kenitra, refurbishment of port quaysAgadir, strengthening of the main jet of the commercial port; refurbishing the fishing port’s quays; construction of a 3rd access to the port Larache, maintenance and refurbishing the fishing port’s quaysCasablanca, strengthening protective dikes Sidi Ifni, strengthening the platforms and medians of dock 5; set up of floating wharves in fishing port Tan-tan, strengthening and rehabilitation of berths  As part of the 2030 National Port Strategy, ANP will invest MAD 6 billion between 2018-2022, of which MAD 2.7 billion will be mobilized in 2018 for the development of port facilities. The investment is dedicated primarily to large-scale infrastructure projects aimed at keeping up with changes in maritime transport and trade outside of the Morocco. EBRD’s involvement is considered additional in terms of risk mitigation, as it will help the client mitigate physical transition risks and take climate action, by identifying and managing physical climate risks and improving its internal corporate governance for managing climate risks. EBRD also offers an innovative financing structure, a loan to a Moroccan state owned entity without a sovereign guarantee. The Global Environment Facility (GEF) was established on the eve of the 1992 Rio Earth Summit to help tackle our planet’s most pressing environmental problems. Since then, the GEF has provided close to $20 billion in grants and mobilized an additional $107 billion in co-financing for more than 4,700 projects in 170 countries. Source: EBRD Copyright (C) PortSEurope. All Rights Reserved. 2020.

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