The Board of Directors of the African Development Bank Group has approved $436 million for the financing of Morocco’s power project, and two other investments in Africa.

The board approved a 168 million euros ($213.6 million) and $100 million Clean Technology Fund concessionary loan to finance the first phase of the Ouarzazate solar power station in Morocco. The power station is designed to pioneer the development of concentrated solar power technology in the country, beginning with the 1st phase of the Ouarzazate complex.

Estimated at Euro 1.042 billion, the project will be jointly financed by six other agencies including the World Bank, European Investment Bank, Agence Française de développement, German Development Bank (KfW), Neighbourhood Investment Facility, and some Moroccan institutions.

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