|[Published: Tuesday July 13 2010]
Morocco undertakes € 1.8bn high-speed train project
The Moroccan government is raising funds needed to carry out the €1.8 billion Tangier-Casablanca high-speed train (TGV) project. The government itself has allocated 5.8 billion dirhams: the state is contributing 4.8 billion dirhams while the Hassan II Fund for economic and social development is contributing one billion dirhams.
France agreed to provide €900 million for the financing of this project under an agreement signed in Marrakech on the occasion of an official visit to the kingdom, in October 2007, by French President Nicolas Sarkozy. The remaining €400 million is expected to come fro Arab countries, such as Saudi Arabia, which has granted Morocco some $200 million.