The Tangier Tech Smart City project launched by King Mohammed VI in March 2017 is quickly gaining momentum. Last week, BMCE, one of Morocco’s largest banks agreed to finance part of the plan. The financial institution will help develop the Tanger Tech Mohammed VI, which is a collaboration with China Communication Construction Company and its subsidiary China Road and Bridge Corp.
BMCE president and CEO Othman Benjelloun explained that the project “aims to create 100,000 jobs and house 300,000 people.” Additionally, it will strengthen its trade relationship with China. In 2013, China created the Maritime Silk Road as a development strategy to boost infrastructure connectivity throughout Southeast Asia, Oceania, the Indian Ocean, and East Africa. The sea route connects China to Europe via Africa. The Tanger Tech Plan will act as an industrial and financial hub. It was recently announced as the largest port in the Mediterranean. Thus far 200 Chinese companies have agreed to open offices there. The project is estimated at $11 billion USD. The project completion is scheduled for 2027.
Tangier Tech Development Company (SATT) has signed a Memorandum of Understanding (MoU) for the implementation and the development of the Mohammed VI Tangier Tech City with China Communication Construction Company Ltd. (CCCC), and China Road and Bridge Corporation (CRBC).
The signing ceremony took place in the presence of Minister Delegate for African Cooperation Mohcine Jazouli and Morocco’s ambassador to China Aziz Mekouar.
The project will lay more than 2,000 hectares connected to the railway and motorway networks. China’s collaboration with Morocco’s BMCE aims to deliver the $11 billion project in ten years. The goal is to strengthen cooperation with China to foster business development in the North African country, as well as the development of the entire continent.