The World Bank on Thursday approved loans to Morocco totaling US$297 million to help finance the first phase of a 500 megawatt solar power plant, among the largest in the world.

The Ouarzazate concentrated solar power plant is the first in Morocco's $9 billion solar power program, vital for a country that has no oil or gas but has an abundance of sun.

The World Bank said $200 million of the loan will come from its fund that lends to middle-income countries, and the other $97 million from a World Bank Clean Technology Fund.