RABAT, Nov. 9 (Xinhua) -- Morocco and the European Investment Bank (EIB) on Wednesday signed an agreement on financing the North African country's rail infrastructure renewal, official news agency MAP reported.
The loan totalling 200 million U.S. dollars will support Morocco's national rail operator ONCF in renewing and modernizing the existing 2,300-km rail network, the MAP report said.
It will help develop a more sustainable and low-carbon mode of transport with services provided in a more equitable way, it added.
According to the report, the loan is the first officially agreed tranche of the 250 million dollars made available by the EIB to ONCF to support its investment plan, with the remaining 50 million dollars expected to be signed off between the two sides in 2023.
This is the first financial project under the Morocco-EU Green Partnership Program signed on Oct. 18, the report said.
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