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Morocco and the OPEC Fund for International Development (OPEC Fund) have signed the legal documentation relating to the financing of part of the second phase of the detailed preliminary studies of the Nigeria gas pipeline project -Morocco, which aims to become a catalyst for economic development in the North West African region.
“Mrs. Nadia Fettah, Minister of Economy and Finance proceeded, by exchange of correspondence, with Mr. Abdulhamid Al khalifa, Managing Director of the OPEC Fund and Mrs. Amina Benkhadra, Managing Director of ONHYM, to the signature legal documentation relating to the financing, in the amount of 14.3 million dollars, granted by the OPEC Fund to ONHYM as part of its contribution to the financing of the second phase of the pre-project study detail (FEED – Front-End engineering design) of the Gas Pipeline linking the Federal Republic of Nigeria and the Kingdom of Morocco (NMGP Project), “said the ministry on Friday in a press release.
The study, co-financed with the Islamic Development Bank (IDB), consists of preparing the documentation for the execution of the Nigeria-Morocco Gas Pipeline project and finalizing the technical, financial and legal analyzes relating thereto, specifies the same source.
The Nigeria Morocco Gas Pipeline strategic project, initiated by King Mohammed VI and President Buhari, and whose cooperation agreement was signed in May 2017, aims to be a catalyst for the economic development of the North- West Africa.
It has a strong desire to integrate and improve the region’s competitiveness and economic and social development, in particular through the acceleration of electrification and the development of the region’s energy autonomy and the support for the development and improvement of the living conditions of local populations. It is also about boosting the regional economy through the development of job-creating sectors and the reduction of gas “flaring” and the use of reliable and sustainable energy, the statement noted.
Through its support for this project, a model of South-South cooperation, the OPEC Fund is thereby strengthening financial cooperation relations with Morocco and contributing to the economic and social dynamics of the Kingdom, the statement concludes.