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FINANCIAL NEWS
Morocco allocates $2.25b for railway project
22 May 2010
(MENAFN) The Moroccan Railway Office (ONCF) said that it has earmarked $2.25 billion for the Casablanca-Tangier high speed train (TGV), Morocco Business reported.
This project is part of ONCF’s 2010-1015 program-contract, signed with the state earlier this year, which provides for the realization of a development plan worth $3.69 billion.
When operational in 2015, the new train will reduce travel time between the two cities by half, from 4 hours and 45 minutes to 2 hours and 10 minutes. Construction works will start in June.
According to the transport minister, the number of train passengers between the two cities, now at 2 million a year, will surge to 8 million passengers.
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