By: ThinkBusiness Africa
The African Development Bank (AfDB) announced the approval of a significant €270 million (approximately $316 million) loan to Morocco, earmarking the funds for a major overhaul of the country’s airport infrastructure in anticipation of the 2030 FIFA World Cup. AfDB said on Friday.
The financing package is dedicated to the Airport Infrastructure Expansion and Modernization Program (PEMIA), an ambitious project designed to dramatically boost the North African nation’s air transport capacity and solidify its position as a regional aviation hub connecting Africa, Europe, and the Americas.
Morocco, which will co-host the centenary World Cup alongside Spain and Portugal, is embarking on a comprehensive $4 billion (38 billion dirhams) investment plan for its aviation sector. The primary goal is to more than double the nation’s overall airport passenger capacity from the current 38 million to an estimated 80 million passengers annually by 2030.
The AfDB loan will be strategically deployed to modernize and expand airports in four of the country’s key tourist and economic powerhouses: Marrakech, Agadir, Tangier, and Fez.
“This initiative will modernize airport infrastructure to offer a safe and efficient travel experience aligned with international standards”. “The investments are vital for meeting the projected growth in passenger and freight traffic, particularly as Morocco prepares for the World Cup.” AfDB said.
The AfDB financing underscores Morocco’s strategic vision to leverage the World Cup as a catalyst for long-term socio-economic development. This investment is part of a much broader national infrastructure drive, which has an estimated total cost of over $20 billion across sports, rail, and road networks.
In addition to improving travel logistics for the influx of football fans and tourists, the airport program is projected to deliver immediate and medium-term benefits like job creation, and aviation sector growth.
This latest injection of funds brings the AfDB’s total commitments to Morocco this year to €1.3 billion, reinforcing the Kingdom’s position as one of the bank’s largest and most strategic clients.
