The African Development Bank (AfDB) approved a $114 million loan for Morocco's $1.3 billion LFP (lithium iron phosphate) battery gigafactory, marking a major financing milestone for the project, according to a July 24, 2026 report by Construction Review Online.
The plant is being built to produce LFP batteries in Morocco, positioning the country among Africa's early battery-manufacturing sites, though further technical and capacity details were not disclosed in the available report excerpt.
Localized LFP battery production in Africa could offer automakers and EV supply chains an additional sourcing base outside Asia, relevant to global efforts to diversify battery manufacturing footprints.