Morocco Secures €95 Million Loan from Spain for Naval Patrol Vessel Construction

"The Head of Government accepts the 95 million euro credit agreement, annexed to this decree, signed on August 31, 2022 between Morocco and Santander Bank to finance the construction of the patrol vessel, the subject of a contract between the Ministry of National Defense and the company Navantia," can be read in the decree signed by Aziz Akhannouch, published in the Official Journal of October 6 and posted online this Tuesday on the website of the General Secretariat of the Government.

The then Spanish Minister of Finance, María Jesús Montero, announced the news of the construction of a patrol vessel for the benefit of Morocco, during a visit made on January 8, 2021 to the shipyard of San Fernando (Cadiz). The contract provides for the design and construction of a high-altitude patrol vessel. Navantia has already supplied patrol vessels and a corvette to the Royal Moroccan Navy in the 1980s.