EIB pledges €1 Bln support for Morocco’s post earthquake reconstruction

The European Investment Bank has pledged to lend Morocco €1 billion over the next three years to support the country’s efforts to rebuild the public infrastructures affected by the powerful & deadly earthquake that hit Al Haouz region on Sept.08, 2023.

The first tranche of the loan (€ 500 million) was signed lately in Rabat by the Bank with Moroccan Ministry of Economy and Finance, in the presence of representatives of the Ministry of National Education, the Infrastructure & Water Ministry and the Health Ministry.

The EIB funding supports Morocco’s reconstruction program which focuses on rehabilitation of schools, hospitals & roads, the improvement of seismic standards to ensure greater resilience to disasters and integration of sustainable energy solutions to enhance climate change adaptation and energy efficiency in line with EU-Morocco Green Partnership.

Morocco has set up an agency to oversee reconstruction efforts in the earthquake-hit areas. The agency is tasked with supervising the projects aiming at rehousing the affected population and upgrading infrastructure in the six worst-hit provinces of Marrakech, Al Haouz, Taroudant, Chichaoua, Ouarzazate and Azilal.

Morocco plans to mobilize 12 billion dollars to develop the affected areas with a population of 4.2 million people over the next five years.
The EIB has reaffirmed commitment to supporting Morocco in its green transition, promoting inclusive socioeconomic development and strengthening resilience to future challenges, including natural disasters.