EBRD Earmarks EUR 200 Million for Morocco’s New Port

first_imgzoom The European Bank for Reconstruction and Development (EBRD) is providing a loan of up to €200 million (USD 218 million) to Société Nador West Med to finance the basic infrastructure for a new port on the Mediterranean coast of Morocco, 30 km from the town of Nador.Société Nador West Med (NWM), a state-owned limited liability company incorporated in Morocco, is in charge of delivering the Nador West Med project.The development of the port is a major boost for eastern Morocco and is expected to promote the development of the Oriental region by generating economic growth and creating new jobs.The EBRD investment will contribute to the construction of a breakwater, quays, dredging and related infrastructure works in the port. During the port’s construction phase a number of environmental protection measures will be incorporated, including the reduction of the port’s carbon footprint by using a lower-carbon cement.In addition, €1 million of technical cooperation assistance funded by the EBRD Shareholder Special Fund and the SEMED Multi-Donor Account will provide management support, a lender’s monitoring consultant and will facilitate the implementation of the environmental and social action plan.The project is expected to be co-financed with the African Development Bank (AfDB) and the Arab Fund for Economic and Social Development, and would represent the EBRD’s first co-financing with either institution. A separate implementation agreement between the EBRD and AfDB will govern arrangements for cooperation on procurement for the project.The port will include terminals for container transhipment, hydrocarbon storage and transhipment, and bulk. It will also have the capacity to handle other cargo.Mohamed Jamal Benjelloun, Director General of Société Nador West Med, said: “The Nador West Med project is a priority project for Morocco and represents a key element of a wider development project including a port-industrial platform, Free Zone and logistics capability.” 此页面无法正确加载 Google 地图。您是否拥有此网站?确定 Print  Closecenter_img My locationlast_img read more

Gas prices soar to spring record up 14 cents from last year

CALGARY — A gasoline price spike is to be expected around this time of year as refineries prepare for the summer driving season, but there are some factors making this year’s pre-Victoria Day bump more painful than usual.The national average was above $1.37 per litre on Wednesday, according to price-tracking website GasBuddy.com — a big jump from last year’s $1.23.Some cities have it worse than others. In Montreal, for instance, prices spiked eight cents between Tuesday and Wednesday to nearly $1.53. Calgarians, meanwhile, enjoyed a relatively cheap $1.22.GasBuddy co-founder Jason Toews said the national average price has never been this high at this time of year — although it hasn’t surpassed the all time record of $1.42 in September 2008.“It’s largely due to the time of year. We’re in spring and on the edge of summer driving season. We always see prices going up around this time of year,” he said.As winter turns to spring, refineries go offline to tweak their equipment. In the winter, they produce more heating fuel, whereas in the summer, they ramp up their gasoline production.But this year hasn’t been typical, said John Kiemele, vice president and chief operating officer at En-Pro International, an Oshawa, Ont.-based firm that advises companies on their energy costs.This year’s extreme winter drew down supplies of heating fuel more than usual, causing refineries to keep running when they’d normally be taken offline, he said.“If they were to shut down the refinery and do maintenance and start to prepare more gasoline, they would have been in a real dilemma. They wouldn’t have had any supply. They needed to keep those refineries running and producing distillates to meet demand,” he said.“So that delayed process of building gasoline inventories for the driving season. That put gasoline inventories in a lower position than we would have liked and that has caused prices to go up.”THE CANADIAN PRESS/Ryan Remiorz Another aggravating factor has been the lower loonie, Kiemele added.“Every time the dollar drops in value, you will see a rise in the price of fuel in Canada because we all deal in U.S. dollars when it comes to energy.”The good news is both Toews and Kiemele see prices mellowing out somewhat after the May long weekend.“All the gas stations are going to have summer fuel in their tanks and there won’t be any supply issues,” said Toews.Motorists are getting more accustomed to pricey fuel. In the aftermath of Hurricane Katrina in 2005, drivers were outraged when prices hit $1 per litre.“It shocked people and it had a big impact on demand for gasoline,” Toews said.“But now a dollar per litre seems cheap. Our perception of what is cheap has changed dramatically.”The Canadian Press read more