The European Bank for Reconstruction and Development (EBRD) announced it will invest EUR 19.2 million in a certified green bond issue of EUR 95 million equivalent by the Office National des Chemins de Fer du Maroc (ONCF), the Moroccan national railway operator, to refinance debt used to build the Casablanca – Tangiers high-speed rail line.
This first cooperation between the EBRD and ONCF is a significant milestone, supporting Morocco’s first green bond in the infrastructure sector and building on ONCF’s impressive track record in this area. This will act as a platform for further cooperation on green initiatives.
The Al Boraq train service started operating in Morocco in 2018 as the first high-speed railway system in Africa.
The electrified high-speed passenger rail line significantly reduces rail journey times between the major economic centres of Tangier and Casablanca.
It promotes a modal shift from more carbon intensive alternatives to road and air transport towards more environmentally friendly electrified rail transport and will allow for further economic integration of these two key cities, supporting private-sector development and economic growth.