The African Development Bank (AfDB) has pledged $1 billion to Morocco to support the nation’s preparations for hosting the 2030 FIFA World Cup.
This substantial investment reflects the Bank’s commitment to bolstering infrastructure and fostering economic growth in the North African country.
AFDB Approved Financing to Morocco
The African Development Bank had earlier signed a loan agreement worth €350 million in support of Morocco’s economic governance, climate resilience, water management, and industry during the Africa Investment Forum (AIF) in Rabat.
Under the terms of the agreement, the Bank will offer €120 million to reinforce economic governance and resilience to climate change. An additional €104.7 million will fund improvements to the water supply, while €120 million will be invested in developing an industrial zone at the Nador West Med port.
The Kingdom of Morocco remains the AfDB’s largest partner, with an active portfolio of 37 projects totaling $3.6 billion. These initiatives span critical areas including infrastructure, energy, water, sanitation, and private-sector development.
Earlier this year, the Bank approved $1.5 billion in additional financing for Morocco, underscoring the depth of this strategic partnership.
2030 World Cup Financing
On the sidelines of the AIF, AfDB President Dr. Akinwumi Adesina announced plans to provide €650 million to enhance Morocco’s transport infrastructure as part of preparations for the 2030 FIFA World Cup.
“To support Morocco’s preparations for the 2030 World Cup, the AfDB will soon submit for approval a financing project of €650 million for the development of railway and airport infrastructure, thus enhancing Morocco’s competitiveness in this field,” Dr. Adesina stated.
Morocco Hosting of 2030 World Cup
Morocco will co-host the 2030 FIFA World Cup alongside Spain and Portugal, following FIFA’s approval of their joint bid in October 2023. This milestone makes Morocco the second African nation to host the tournament, after South Africa in 2010.
As part of its preparations, Morocco plans to construct a major stadium in Benslimane, near Casablanca, and upgrade six existing stadiums. These infrastructure projects are key to ensuring Morocco meets international standards for the prestigious event and highlights the importance of the AfDB’s financing in achieving these goals.
