Generation
AfDB approves $114 million loan for Morocco battery gigafactory
The African Development Bank (AfDB) said on Friday it had approved a €100 million ($114 million) loan to help finance Africa's first gigafactory in Morocco.
The project, led by China's Gotion High-Tech 002074.SZ, a company listed on the Shenzhen Stock Exchange, will require an initial investment of about $1.3 billion to build an integrated cathode-to-cell lithium iron phosphate battery gigafactory, according to the project's developers.
AfDB said it also planned to mobilise up to an additional €141 million from financial partners for the project, acting as mandated lead arranger.
The plant will also produce cathodes and anodes, with a view to exporting the bulk to Europe.
Morocco's proximity to Europe and its existing automotive industry make it attractive to Chinese EV battery makers.
(Reporting by Ahmed Eljechtimi; Editing by Kirsten Donovan)
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