Morocco, World Bank sign Rapid Response Option Agreement

Morocco, World Bank sign Rapid Response Option Agreement

Morocco and the World Bank (WB) signed in Rabat Monday the Rapid Response Option (RRO) agreement, a significant step in enhancing the Kingdom’s capacity to swiftly address emergencies and provide crucial support to its citizens.

The agreement was signed by Minister of Economy and Finance, Nadia Fettah, and WB Country Director for the Maghreb and Malta, Jesko Hentschel, on the sidelines of a working meeting with Ousmane Dione, World Bank Vice President for the Middle East and North Africa (MENA), who is on an official visit to Morocco May 18 to 21.

The RRO forms a key part of the World Bank Group’s expanded crisis preparedness and response toolkit. It is designed to allow client countries to more effectively and rapidly deploy resources from their existing banking portfolio during crises.

This initiative bolsters Morocco’s resilience and capacity to manage and mitigate the impacts of crises. It underscores the government’s commitment, under the leadership of King Mohammed VI, to protect citizens from various shocks.

Mrs. Nadia Fettah highlighted the strategic importance of the partnership between Morocco and the World Bank, and noted that the agreement “is unique and the first of its kind to be implemented in the MENA region.”

Dione’s visit, his first official trip to Morocco since becoming WB Vice President for the MENA Region on April 16, 2024, is aimed at reinforcing the long-standing and robust partnership between the international financial institution and Morocco.

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