Rabat – The African Development Bank (AfDB) has approved a $265 million loan for a renewable energy project in Morocco.
The AfDB’s commitment will help develop solar power plants (NOORM I and NOORM II) which will guarantee electricity supplies to more than 2 million Moroccans with significantly less CO2 emissions, the bank said in a press release.
The investment is part of the bank’s continued support to Morocco’s $3 billion NOOR solar energy programme, the report said on Saturday. It added that the renewable energy projects in Morocco were expected to grow significantly.
Scaling up investments in energy is the African Development Bank Group’s top priority in a continent where more than 600 million people do not have access to electricity, the bank said.
The new deal on energy for Africa is a partnership-driven effort with the aspirational goal of achieving universal access to Africa by 2025.