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AfDB Supports Morocco Electric Vehicle Battery Plant
The African Development Bank has approved a €100 million financing package to establish Morocco's first integrated electric vehicle battery manufacturing plant. The project is led by the Chinese company Gotion High-Tech, with initial investments reaching $1.3 billion. The aim is to produce lithium iron phosphate batteries, along with key components such as cathode and anode plates. The majority of the production is targeted at the European market, in order to strengthen Morocco's position as an industrial hub for investment in electric vehicle manufacturing, leveraging its proximity to Europe and advanced infrastructure. The project will contribute to job creation, technology transfer, and the development of value chains within the green economy sector.
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