Morocco secures $114 million loan to build Africa’s first EV battery factory

NAIROBI, Kenya (AP) — The African Development Bank (AfDB) has approved a $110 million loan to support the construction of Africa’s first gigafactory in Morocco, backing the continent’s push to build a domestic electric vehicle battery industry. The loan to Gotion Power Morocco will finance the development of an integrated lithium iron phosphate (LFP) battery plant in the Rabat-Salé-Kénitra Free Trade Zone, the bank said Friday. The bank said it also plans to mobilize up to $162.6 million in additional financing from development partners for the project under the New African Financial Architecture for Development initiative, where it is serving…