WB grants additional €94.7 Mln loan to the Casablanca Municipal Support Program
The World Bank has granted an additional €94.7 Mln loan to the Casablanca Municipal Support Program, destined to increase the investment capacity of the commune, to strengthen the resilience of the city of Casablanca to the effects of climate change, and to improve access to basic services for citizens.
The additional financing will allow to broaden the scope of the reforms undertaken and to further strengthen the city’s resource mobilization capacities.
The loan agreement and the related guarantee agreement were signed, In Rabat on Tuesday in Rabat, at a ceremony co-chaired by Minister of Economy and Finance, Nadia Fettah, and the Country Director at the Regional Office of the Maghreb, Middle East and North Africa Department at the WB, Jesko Hentschel, said the finance ministry in a statement.
Nadia Fettah welcomed the quality and diversity of cooperation relations between Morocco and the World Bank Group, and praised, in this regard, the support provided by the Bank to the reforms undertaken by the Kingdom, especially in the field of territorial development.
The new loan is building upon the success of the initial program, under which the WB granted Casablanca $200 million in 2017 and an additional financing of $100 million in June 2022.
The program supports the city’s financial and institutional strengthening under the Greater Casablanca Development Plan (Plan de Développement du Grand Casablanca, PDGC) with the aim to make the city more competitive, livable for its citizens and attractive for investors.
The Program has benefits beyond the country’s economic capital with replicability potential in other urban metropolitan areas in Morocco and the broader MENA region.
