|Approval Date||20 May 2022|
|Signature Date||13 Jun 2022|
|Planned Completion Date||31 Dec 2024|
|Last Disbursement Planned Date||31 Dec 2024|
|Sovereign / Non-Sovereign||Sovereign|
|DAC Sector Code||21040|
The supplementary financing for the Nador West Med (NWM) Port Complex Construction Project, which is currently underway, is intended to complement the original Bank-financed project approved in 2015. This operation is part of the drive to develop the transport and logistics sector in Morocco, which, in the maritime and port sector, involves the construction and operation of an industrial port platform in Nador within the framework of the Oriental Region development programme. This project consists of three components: (i) construction of port infrastructure; (ii) attendant social and support measures for women and young people; and (iii) project management. The updated total project cost is MAD 9.4 billion or EUR 893.33 million. During project implementation, geotechnical and geological contingencies generated additional costs. These additional works were covered in Addendum No. 1, which should be financed by SNWM. However, due to the impact of the COVID-19 health crisis, the Société Nador West Med (SNWM), like most public companies, is experiencing cash flow difficulties. This supplementary financing will help to bridge the gap in the original financing of the project, which was borne by Nador West Med Company, without modifying the planned activities, thus guaranteeing the proper implementation of the Nador West Med Port Complex Construction Project.
The objectives of the original project remain unchanged, namely: (A) At the sector level, the project aims to improve logistical competitiveness, port capacity and living conditions in the project impact area; (B) The project’s specific objectives are to (i) help eliminate regional disparities, particularly by accelerating and strengthening the economic and social development of the Oriental Region through enhancement of its attractiveness and creation of wealth and jobs; (ii) strengthen Morocco’s port services in the Western Mediterranean region and take advantage of its geostrategic position on the Strait of Gibraltar to attract a share of the global shipping business; and (iii) secure the supply of energy products to Morocco by establishing a second hub, particularly by expanding the intake and storage capacity in the project area.
Apart from the benefits that will accrue from the development of maritime trade in the Oriental Region, the project will boost the logistical competitiveness of the entire national economy. Its direct beneficiaries will be the users of maritime transport services, as well as the project area population. Its expected outcomes are: (i) increased port capacity; (ii) improved operational efficiency of the port in Oriental Region; and (iii) improved living standards and socioeconomic conditions in the project area.
African Development Bank
SOCIETE NADOR WEST MED
|Last Update||29 Jan 2023|
|Name||WADE Mohamed El Abass|