Strategic Collaboration for Sustainable Development
TAQA Morocco has signed a memorandum of understanding with the Japan Bank for International Cooperation (JBIC) to investigate potential funding for projects that support the decarbonization efforts and diversification of TAQA Morocco's activities. This initiative aligns with Morocco's sustainable development roadmap.
The agreement is expected to provide TAQA Morocco with access to competitive financing conditions and suitable maturities, facilitating the rapid implementation of projects deemed critical for enhancing the national economy's competitiveness in the energy, water, and infrastructure sectors.
Strengthening Bilateral Relations
Hiroyuki Suzuki, General Manager of the New Energy and Power Finance Department II at JBIC, emphasized that this partnership will bolster bilateral relations between Japan and Morocco while supporting the operations of Japanese companies within the Kingdom.
He stated, 'The collaboration between JBIC and TAQA Morocco will not only strengthen Japan-Morocco relations but also enhance the business activities of Japanese enterprises in the Kingdom, contributing to the country's energy transition and sustainable development.'
Furthermore, JBIC aims to promote strategic collaboration in energy security across the MENA region, leveraging the longstanding relationships between Japan, Morocco, and the United Arab Emirates through solutions provided by Japanese companies.
Commitment to Energy Transformation
Abdelmajid Iraqui Houssaini, Chairman of the Board of TAQA Morocco, reiterated the company's commitment to transforming its energy capabilities. He noted, 'TAQA Morocco is on the path to sustainably transforming its energy capacities to reduce carbon intensity and support Morocco's climate roadmap and industrial competitiveness.'
He added that JBIC's involvement in financing these projects would be advantageous, given its understanding of the national context, particularly through its multi-currency project financing for the construction of units 5 and 6 at Jorf Lasfar, amounting to $1.4 billion.
