COP28: Morocco among three beneficiaries of €1 Bln Blue Mediterranean Initiative

Morocco is among the three Arab countries selected for the Blue Mediterranean Partnership which aims to support transition to a sustainable blue economy in the southern Mediterranean region.

The announcement has been made by the donors and partners of the initiative at COP-28 currently held in UAE. Besides, the North African Kingdom, Egypt and Jordan will benefit from €1 billion investments to be provided by Partners & various financial institutions.

According to the European Bank for Reconstruction and Development, the Blue Mediterranean Partnership will start in early 2024. It aims to tackle the threats the Mediterranean Sea faces by coordinating the financing of blue economy projects in the Mediterranean and Red Sea regions.

Managed by EBRD, the initiative is supported by the European Commission, the Swedish International Development Cooperation Agency, the French Development agency, the European Investment Bank (EIB), the German KfW Bank, the Italian Development Bank (Cassa Depositi e Prestiti) and several other financial institutions.

EBRD President Odile Renaud-Basso said “The Mediterranean region has tremendous potential to spur economic growth if it is protected and developed sustainably.”
EIB Vice-President Ambroise Fayolle said the initiative will help restore ocean health and foster biodiversity & climate resilience of Mediterranean coastal areas.

“Supporting the wellbeing of coastal communities and investing in the sustainable blue economy makes sense economically and is also vital in tackling global challenges like food security, nature protection and climate change,” he underlined.

UfM Secretary General Nasser Kamel said, “the Mediterranean region, with diverse ecosystems, is particularly vulnerable to rising sea levels, water scarcity and extreme weather events.”

European Commissioner for Environment, Oceans and Fisheries Virginijus Sinkevičius said: “We are putting the sustainable blue economy at the top of the agenda in the broader Mediterranean region. We believe this Partnership can contribute to the prosperous future of the Mediterranean countries, so that our seas can keep providing for future generations.”

The Mediterranean Sea basin is a recognized marine biodiversity hotspot and a vital resource of economic activities for 480 million people living in the region’s 22 countries. Its ecosystem is under threat from habitat loss and degradation, over-fishing, pollution and climate change.
The Blue Mediterranean Partnership focuses on plastic waste reduction, coastal resilience investments, sustainable tourism, wastewater treatment, circular economy, and marine biodiversity.