The European Bank for Reconstruction and Development (EBRD) announced on Monday that it is providing additional loan financing of €100 million ($105 million) to Société Nador West Med (NWM) for the construction of the Nador West Med port in the Oriental Region of Morocco.
The loan is a new, second tranche under a €200 million ($210 million) EBRD loan agreement signed in 2015, the UK-based multilateral development bank said in a statement.
The EBRD is also extending a technical cooperation package of €1 million to assess NWM’s potential role in the hydrogen value chain. The package will also support NWM in transitioning from a construction-focused entity into a commercially focused operating entity.
NWM, a state-owned limited liability company, incorporated in Morocco, is responsible for delivering the Nador West Med project.
The design and construction contract for the first phase of the port was awarded to a consortium of Turkey’s STFA Group, Morocco’s SGTM and Belgium’s Jan de Nul in 2016. Phase 1 includes main and secondary embankments/breakwaters, two container terminals, a petroleum terminal, and a bulk terminal, according to information posted on Jan de Nul’s website.
