His Majesty King Mohammed VI led the signing ceremony of the eight conferences with respect to the” Wessal Casablanca-Port” project to be fulfilled by Wessal Capital, the most essential Sovereign fund of Africa.
The objectives of the 6 billion project is to renovate a part of the Casablanca port area by upgrading the entire city, the expansion of the Medina old district and its coastal tourist attractions, and eventually the city’s recognition as a major destination of cultural, business and cruising destination.
The overall investment raised by the project amounted to 29 billion dirhams ($3.4 billion) which came from UAE, State of Kuwait, State of Qatar, The Kingdom of Morroco, and Saudi Arabia under Wessal Capital. It is also backed by financial institutions such as the World Bank, European Bank for Reconstruction and Development, and the European Investment Bank guaranteeing the project’s success. A supplementary amount of 300 million dirhams will be allocated by Wessal Capital to the project’s future stages of the city’s re-establishment.
The project promises to finance new fishing ports, the development of cruising platforms, and the shipbuilding yard transfer.
After the presentation participated by of the Sovereign, the following eight conventions were signed:
– Specific convention related to the development project of the Casablanca port’s ship-building yards zone (State/Moroccan Fund for tourism development)
– Financing convention between Wessal Capital and national finance institutions
– Financing convention between Wessal Capital and international finance institutions
– Strategic partnership convention between the Moroccan Fund for tourism development and the World Bank.