IFC to finance tram, road infrastructure project in Casablanca
The International Finance Corporation is providing $100 million in financing to Region Casablanca-Settat, in Morocco, to fund high-impact regional infrastructure projects.
IFC’s loan will be used by the region to contribute to the financing of two new tramway lines for the city of Casablanca. The expansion will add 39 stations and 26km of track to the existing tramway network and reduce travel times by up to 40%. IFC’s support will also help the region upgrade several hundred kilometers of rural roads in remote rural communities, connecting some 400,000 people to schools, hospitals, and other services.
It represents the first commercial loan to a Moroccan subnational government without sovereign guarantee. IFC’s contribution is in the form of US-dollar and EUR-based long-term financing, including $48 million from IFC’s innovative syndications platform, the Managed Co-Lending Portfolio Program.
