World Bank: $350 Mln loan to support blue economy

The World Bank has agreed to provide Morocco a $350 million loan to support its Blue Economy program which will help create job opportunities, support economic growth and enhance food security.

Morocco’s Blue Economy program aims to improve the integrated management of natural resources, and strengthen selected sectors for a climate-resilient blue economy in targeted areas.

“Bordered by the Mediterranean Sea and the Atlantic Ocean, Morocco’s potential for developing its Blue Economy is strong. Its coastal areas already contribute to more than 50% of GDP and jobs in the country, and there is more untapped potential in both existing and emerging blue sectors like aquaculture, seaweed farming, and renewable marine energy”, said Jesko Hentschel, WB Maghreb Country Director.

Morocco’s New Development Model offers the opportunity to develop coastal clusters that attract investments and creates jobs while ensuring sustainability, added Mr. Hentschel.

For his part, Marcelo Hector Acerbi, Senior WB Environmental Specialist said: “Given the wealth of its marine and other shoreline assets, Morocco’s coast offers opportunities for job creation and an equitable recovery from the pandemic, as well as for increasing its resilience in the face of climate change”.

Morocco is setting out to create a greener, more resilient, inclusive society, he stressed, noting that the Blue Economy program is a platform to bring together different sectors and regions to design and implement integrated solutions to manage marine and coastal resources efficiently.

The program also supports an equitable and sustainable society in the North African country.