The African Development Bank approved a $114 million loan to finance Africa’s pioneering electric vehicle battery gigafactory in Morocco.
This massive industrial project is being spearheaded by China’s Gotion High-Tech, a prominent firm listed on the Shenzhen Stock Exchange.
Constructing the integrated lithium iron phosphate battery plant will require an initial investment of approximately $1.3 billion from the developers.
The ambitious facility represents a monumental stride toward capturing a vital piece of the global green technology supply chain.
This historic investment anchors Morocco as an emerging titan in renewable energy manufacturing across the Mediterranean and African landscapes.