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Morocco - Additional Financing for Second Rural Roads Project

This project paper seeks the Executive Directors to provide an additional financing in the amount of €60 million (US$8 1.5 million equivalents) in the form of a loan to the Caisse pour le Financement Routier (CFR or the Borrower) with the guarantee of the Kingdom of Morocco for the Second Rural Roads Project. The project is an operation supporting implementation of the Government's second National Rural Roads Program (NRRP-2). The additional financing will permit completion of activities of the project, which are currently unfinished due to unanticipated increases in the costs of key inputs (oil, bitumen, construction materials, consumables, labor, etc.), and will support a financing gap due to shortfalls in non-World Bank donor finance. In addition, after the launch of the project the Government has made the decision to accelerate the implementation of the NRRP-2 (completion by 2012 instead of 2015) by concomitantly executing its initially planned two phases to be both completed by 2012 (both phases are therefore merged). This will result in the need to complete the financing plan earlier than anticipated. No changes to the objectives, activities or general design and implementation modalities of the project are proposed. The additional financing will thus allow the original development objectives of the project to be achieved.

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