Creating new perspectives since 2009

Spanish bank lends $92m to Morocco to buy warship from Spanish firm

October 12, 2022 at 9:39 am

The Carnival Radiance cruise ship, operated by Carnival Corp., in dry docks during servicing at the Navantia SA shipyard in Cadiz, Spain, on Tuesday, Sept. 28, 2021. [Angel Garcia/Bloomberg via Getty Images]

Morocco yesterday announced a loan agreement with Spanish multinational financial services provider, Santander Group, to fund buying a warship from a Spanish shipbuilding company.

According to Anadolu, a Moroccan state newspaper published the decision of Prime Minister Aziz Akhannouch stating that a loan contract worth $92.2 million had been signed with Santander Group.

The Moroccan newspaper stated that the financial company will fund the purchase of the warship which will be built by the Spanish state-owned shipbuilding company, Navantia.

In January, Spain’s EL PAÍS newspaper reported that the Royal Moroccan Navy has awarded a contract to Spanish shipbuilder Navantia to build a new offshore patrol vessel (OPV).

The Moroccan Navy announced the specifications of the contract for the construction of the OPV in April.

READ: Morocco labour union calls on gov’t to reduce prices