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The African Development Bank has approved a loan of 100 million euros (approximately 114 million dollars) to finance the establishment of Africa's first integrated lithium and iron phosphate battery manufacturing plant. This initiative is part of Morocco’s support to transform into a regional hub for electric vehicle manufacturing and clean energy. The project aims to produce battery components, including cells and packs, with an initial planned production capacity of 10 gigawatt-hours per year, with potential to expand to 100 gigawatt-hours. The project is expected to create more than 600 direct jobs and contribute to enhancing the competitiveness of the Moroccan industry. Additionally, it aims to build an African ecosystem for battery and electric vehicle manufacturing, with a local industrial integration rate of 70%.
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