Economy

The World Bank grants Morocco $125 million to finance the Nour-Midelt complex

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The World Bank has granted Morocco $125 million as additional support for the adoption of innovative solar technology, announced the organization on Monday 11th of June.

The decision is to support Morocco’s national goal of developing its world-class solar and wind energy resources, to reduce the dependence on fossil fuels and move toward a green energy future.

The financing is to benefit the Nour-Midelt complex which is set to produce 52 percent of Morocco’s  electricity through renewable energy by 2030.

«This is yet another step toward a promising clean energy future for Morocco,» said Marie Francoise Marie-Nelly, World Bank Country Director for the Maghreb; «the Noor-Midelt power complex seals Morocco’s position as the region’s pioneer in renewable energy.»

«The design of Noor-Midelt relies on proven technologies that will be operated in a pioneering way to take advantage of the benefits of both CSP and PV technologies on a single site,» said Moez Cherif, World Bank Lead Energy Economist for the Maghreb.

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