Spanish companies CaixaBank and Cofides have announced their plans to finance Acciona in the construction of a desalination plant in Morocco.
Each of the two companies will provide a loan of €31 million to finance the construction. The initiative will be led by Acciona, a Spanish multinational specializing in the development and management of infrastructure.
The project, with a total investment of €650 million, will be developed by Acciona in collaboration with the National Office for Electricity and Drinking Water of Morocco through a 30-year concession.
According to Bolsamania, the facility will serve five cities with a capacity of 330 million cubic meters per year.
The source did not specify if this plant is the same as the one recently inaugurated by Crown Prince Moulay El Hassan in El Jadida, near Casablanca.
However, the source emphasized that the project will be the largest in Africa, which aligns with the specifications of the project launched earlier this month by the Crown Prince.
The facility that Morocco launched earlier this month is expected to have an annual production capacity of 300 million cubic meters and will serve an estimated population of 7.5 million inhabitants.
The project aligns with Morocco’s approach to addressing the water crisis, particularly in areas characterized by significant rainfall deficits and high pressure on conventional water resources.
Commenting on the financing of the project, Cristina García, Director of Infrastructure Project Finance at CaixaBank, highlighted that the company has held a banking license in Morocco since 2009.
With three offices in Casablanca, Tangier, and Agadir, the company offers foreign trade services, business banking services, and corporate banking services to both established Spanish companies in the country and those looking to enter the Moroccan market, she said.
She emphasized that the company, a Spanish multinational in financial services, has become a “reference bank for Spanish companies with a presence in Morocco.”
She also stated that about 60% of the 800 Spanish companies operating in the country are clients of this branch in Morocco.
Miguel Angel Ladero, Business Director of the Investment Department at Cofides, also commented on the project, noting that he considers it an “emblematic” investment for the sector and the largest desalination plant in Africa.
Cofides is a state-owned company specializing in managing state funds.
“Access to water is vital, not only for health and food security but also for development and economic growth,” the director added.
He emphasized that Acciona aims to contribute to addressing water scarcity and the effects of climate change through this project.
Morocco World News
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