ONCF lends 1.23 billion dirham of Islamic bank for high-speed rail
ONCF, Morocco's public transport provider when it comes to train travel, recently concluded an agreement with the Islamic Development bank (BID). It is reportedly to more than 1.2 billion dirham which completely will be used for the realization of the high-speed line stations, according to the Moroccan Assabah medium.
This agreement shall also a first, never before was such a large amount on Islamic responsibly lent by a public company, also called IstisnaÃ¢. According to Al Massae is the Ministry of finance guarantees for the BID. It is expected that in the future and international one taken more and more credit goes in such a way.
It is not the first time the Moroccan Government's commitment to Islamic act responsibly. Previously the Islamic variant of the bond was introduced, called Sukuks. Where there are exactly new drives are going to be realized is not yet published. However, the expectation that the high-speed line which among other Casablanca and Tangier will connect with each other in the summer should be operational by 2018.