Morocco to Double Airport Capacity by 2030

Morocco's Prime Minister Aziz Akhannouch speaks during the High Level Segment session of the One Ocean Summit (OOS) in Brest, France February 11, 2022. (Reuters)
Morocco's Prime Minister Aziz Akhannouch speaks during the High Level Segment session of the One Ocean Summit (OOS) in Brest, France February 11, 2022. (Reuters)
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Morocco to Double Airport Capacity by 2030

Morocco's Prime Minister Aziz Akhannouch speaks during the High Level Segment session of the One Ocean Summit (OOS) in Brest, France February 11, 2022. (Reuters)
Morocco's Prime Minister Aziz Akhannouch speaks during the High Level Segment session of the One Ocean Summit (OOS) in Brest, France February 11, 2022. (Reuters)

Morocco plans to expand its airport capacity to 80 million passengers by 2030 from 38 million currently, Prime Minister Aziz Akhannouch said.

The plan is part of Morocco's preparations to co-host the 2030 FIFA World Cup, together with Spain and Portugal, and promote tourism, Akhannouch told members of parliament.

Casablanca's airport capacity will be expanded to 23.3 million passengers, while tourist hubs Marrakech and Agadir will have a capacity of 14 million passengers and 6.3 million respectively by 2030, he said.

Morocco received a record 15.9 million tourists in the first 11 months of this year, surpassing the total in the entire previous year thanks to more air routes, according to tourism ministry figures.

Morocco is also working to extend its high-speed train network to Marrakech before the World Cup, and further south to Agadir.

The rail operator also aims to expand its network to double the number of cities it serves to 43, or 87% of the Moroccan population, by 2040.

The prime minister also mentioned the expansion and renovation of 45 stadiums and training sites in the six cities that are planned to host the World Cup, in addition to the construction of a new stadium with 115,000 seats near Casablanca.

Investments in stadium construction and expansion would cost Morocco up to 5 billion dirhams ($500 million), the government has said.

Morocco is also hosting the Africa Cup of Nations soccer tournament in 2025.



Sri Lanka's Bondholders Sign Off on $12.55 Bln Debt Overhaul

FILE PHOTO: A cargo ship sails towards Colombo Harbour as a Sri Lankan national flag is seen, amid the country's economic crisis in Colombo, Sri Lanka, July 23, 2022. REUTERS/Adnan Abidi/File Photo
FILE PHOTO: A cargo ship sails towards Colombo Harbour as a Sri Lankan national flag is seen, amid the country's economic crisis in Colombo, Sri Lanka, July 23, 2022. REUTERS/Adnan Abidi/File Photo
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Sri Lanka's Bondholders Sign Off on $12.55 Bln Debt Overhaul

FILE PHOTO: A cargo ship sails towards Colombo Harbour as a Sri Lankan national flag is seen, amid the country's economic crisis in Colombo, Sri Lanka, July 23, 2022. REUTERS/Adnan Abidi/File Photo
FILE PHOTO: A cargo ship sails towards Colombo Harbour as a Sri Lankan national flag is seen, amid the country's economic crisis in Colombo, Sri Lanka, July 23, 2022. REUTERS/Adnan Abidi/File Photo

Sri Lanka's bondholders signed off on the government's proposal to restructure its $12.55 billion of international bonds, a key step in finalizing the island nation's debt overhaul.

Final results showed holders representing 97.86% of the outstanding principal on the existing bonds voted in favor of the plan, which will swap Sri Lanka's defaulted bonds for a series of new fixed income instruments, the government said in a statement dated Dec. 16.

Sri Lanka defaulted on its foreign debt for the first time in May 2022 due to its high debt burden and dwindling foreign exchange reserves.

With the finalizing of the bond exchange, Sri Lanka will become the fourth country to conclude a restructuring of its bonds this year, following in the footsteps of Ghana, Ukraine and Zambia, Reuters reported.

The South Asian island nation's new instruments include a governance-linked bond, which offers a 75-basis-point reduction in the interest rate payable if Sri Lanka meets certain governance targets, and several bonds linked to economic performance.

A breakdown of the data showed investor support across all bar one of the bonds - the 2022 maturity - passed the threshold required that would see the whole bond swapped out in its entirety for the newly created instruments.

In the 2022 bond, which does not feature so-called aggregated collective action clauses, holders representing just 73.13% voted in support of the proposal.