On Friday, the African Development Bank (AfDB) announced that it had authorized a €100 million ($114 million) loan to support the construction of Africa’s first gigafactory in Morocco.
Gotion High-Tech of China is in charge of the project.
According to the project’s promoters, a company registered on the Shenzhen Stock Exchange will need an initial expenditure of roughly $1.3 billion to construct an integrated cathode-to-cell lithium iron phosphate battery gigafactory.
As the project’s statutory lead arranger, the AfDB stated that it also intended to raise €141 million from financial partners.
Additionally, the plant will manufacture anodes and cathodes with the intention of exporting the majority to Europe.
Morocco is appealing to Chinese EV battery manufacturers due to its proximity to Europe and its established automobile sector.
