Morocco and the UAE have formed a collaboration that aims to invest in the construction of the Africa-Atlantic gas pipeline project.
The agreement signed between the two is part of a series of memorandums of understanding between the two countries. These MoUs likely outline the terms and conditions of their collaboration on various aspects of the project.
The Africa-Atlantic gas pipeline will transport gas from Nigeria to North Africa and ultimately to Europe. The project aims to enhance economic integration and energy security in West Africa. The UAE’s involvement is expected to provide significant financial support, given the substantial resources of the Abu Dhabi sovereign wealth fund.
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Economic development
The project is anticipated to play a crucial role in promoting economic integration and energy security in West Africa. It could potentially contribute to the region’s economic development and provide a stable energy supply.
The Atlantic Nigerian-Moroccan pipeline is expected to benefit West African nations, particularly Mauritania and Senegal, by providing a vital pathway to export their recently discovered gas reserves to European markets.
Feasibility studies for the pipeline are already underway, and the project has received strong political backing from Nigeria and other members of the Economic Community of West African States (ECOWAS). Nigeria’s energy minister, Ekperikpe Ekpo, has announced that construction work on the pipeline is scheduled to begin next year. This indicates a relatively swift timeline for initiating the project.
Morocco and the UAE have agreed to expedite the implementation of all signed investment projects within three months. This involves utilizing a combination of capital investments, innovative financing solutions, concessional loans, and grants.