Morocco is set to receive $687.8 million (€650 million) in financial assistance from the African Development Bank (AfDB) to enhance its transport infrastructure in preparation for the 2030 World Cup, according to a report.
AfDB support
AfDB President Akinwumi Adesina, after meeting the government officials, said financing to develop Morocco’s rail and airport infrastructure for the World Cup would be put to the board for approval, state-run news agency MAP reported Thursday.
Morocco will host the World Cup 2030, along with Spain and Portugal. The North African country plans to develop air, road, and rail infrastructure projects for the mega soccer event.
Besides, Morocco plans to build a large stadium in Benslimane, near Casablanca, and upgrade six other facilities.
Emphasizing the bank’s ongoing support for Morocco’s structural reforms, Adesina noted that Morocco is the institution’s leading partner, with an active portfolio of 37 projects totaling $3.6 billion, covering infrastructure, energy, water, sanitation, and the private sector, the MAP report added.
Adesina’s discussions with government officials also focused on the country’s youth employment challenges and skills development, and the multilateral bank pledged to support it in these priority areas.
Crucial quote
“This year, the AfDB has approved $1.5 billion in financing for the Kingdom, reflecting the importance of this partnership,” Adesina told MAP.
Economic growth
Morocco’s central bank expects the country’s economic growth to ease to 2.8% in 2024, from 3.4% last year, according to a report in September.
The International Monetary Fund (IMF) said in October that Morocco’s economic growth is expected at 2.8% in 2024—in line with the central bank—and 3.6% in 2025. The IMF forecasts inflation in Morocco to be moderate, with a rate of 1.7% expected in 2024, marginally rising to 2.3% in 2025.
