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NEWS
HM the King chairs signing ceremony of eight conventions associated with "Wessal Casablanca-Port" project
01/04/2014

HM King Mohammed VI chaired this Tuesday in Casablanca the signing ceremony of eight conventions associated with the "Wessal Casablanca-Port" project, says a release of the Royal office.

During the ceremony, various components of the "Wessal Casablanca-Port", the first of a series of projects to be carried out by Wessal Capital, were presented to the Sovereign.

    It is a major and innovative project giving a strategic impulse and a prime place to an original cultural offer and to neighborhood ecological spaces.

   It also reflects the great trust enjoyed by Morocco at the international level, via the establishment of Wessal Capital which is the most important African "fund of sovereign funds".

   This initiative, an additional evidence of the particular high-level partnership between Morocco and Gulf countries, is totally independent and distinct from the 5 million donations that have been extended recently to Morocco.

   Wessal Capital is a new generation investment tool, owned equally by the investing countries: the United Arab Emirates -through Aabar Investments PJS, the State of Kuwait - through Al Ajial Investment Fund Holding, the State of Qatar -through Qatar Holding LLC, and the Kingdom of Morocco- through the Moroccan Fund of tourism development, in addition to Saudi Arabia- via the sovereign Public Investment Fund, raising the overall invested amount to 3.4 billion Dollars (29 billion dirhams).

   The support of finance institutions, such as the European Bank for Reconstruction and Development, the European Investment Bank, and the World Bank illustrates the wide interest granted to this project which stands as a promise of shared prosperity, promoted by the Royal South-South triangular diplomacy, associating the continent's growth perspectives, through the west African hub of Casablanca, to the Gulf countries' financial capital and tourism know-how.

   "Wessal Casablanca-Port" consists in converting a part of the Casablanca port area, for a cost of 6 billion DH, through major upgrading affecting the entire city, through the establishment of a new urban center in the city and its outskirts, the development of the Medina old neighborhood and its coastal tourism attractions and the henceforth clear identification of the city as a major destination of cultural, business and cruising tourism.

   The local and human dimensions of the project, through the creation of public and green spaces, will improve ownership of environment by the Casablanca inhabitants and give a lasting impulse to the renewal of the economic capital.

    In accordance with Royal instructions, an additional amount of 300 million Dirhams will be earmarked by Wessal Capital to the project's upcoming stages of rehabilitating the old city.

    Rehabilitation will consist in consolidating the integrated strategy on a new ambition for the Medina, matching the inhabitants' legitimate expectat




 


 
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