Business
Morocco-South Korea: Signing of a Financing Agreement for the Acquisition of 110 RER Trains
This financing protocol for the acquisition of rolling stock for the benefit of Morocco’s National Office of Railways (ONCF) was signed on Wednesday, February 26, at the Ministry of Finance in Rabat.
Nadia Fettah, Minister of Economy and Finance, co-chaired alongside Yeonjean Yoon, Ambassador of the Republic of Korea to Morocco, the signing ceremony of a financing protocol between Morocco and South Korea for the financing of a project to acquire rolling stock for ONCF.
According to a statement from the ministry, the financing protocol provides for the mobilization of financing on very concessional terms from the Korean Economic Development Cooperation Fund (EDCF), which is part of the Korea Export-Import Bank (KEXIMBANK).
Nadia Fettah highlighted that the signing of the financing protocol marks a major step in consolidating economic and financial cooperation between Morocco and South Korea, while opening new perspectives for cooperation within a shared vision of sustainable and inclusive development.
During the same ceremony, Mohamed Rabie Khlie, General Director of ONCF, and Hee-sung Yoon, CEO of KEXIMBANK, signed a loan agreement for the financing of the acquisition of 110 RER trains from Korean suppliers.
Recall that ONCF announced on Wednesday the awarding of three contracts for its program to acquire 168 next-generation trains, with a total budget of 29 billion dirhams. The contract for the acquisition of 110 RER trains (Rapid and Metropolitan Trains) was awarded to the South Korean company Hyundai Rotem.
