The European Investment Bank (EIB) has approved a €500 million tranche of funding to support Morocco’s reconstruction efforts following the devastating earthquake that struck the Al Haouz region in September 2023.
This funding will be used to repair and rebuild critical infrastructure, including schools, hospitals, and roads.
This first tranche of the €1 billion committed by the EIB demonstrates the bank’s ongoing support for Morocco’s development. The EIB’s financing for Morocco in 2024 represents a 56% increase compared to 2023, highlighting the bank’s commitment to the country’s strategic priorities.
According to an EIB press release, this funding reflects a strong commitment to sustainable development and economic resilience in Morocco. The bank has now invested over €10 billion in various sectors in Morocco, including education, water management, and transportation.
EIB Vice-President Ioannis Tsakiris emphasized the strong partnership between Morocco and the EIB, stating that Morocco is a strategic partner for both the bank and the European Union.
“By strengthening our partnerships, particularly with key players like the CDG and the Mohammed VI Investment Fund, we encourage investment in strategic infrastructure, support the energy transition, and foster inclusive and sustainable development for the benefit of Moroccan citizens, businesses, and the economy,” said Tsakiris.
In addition to the €1 billion earmarked for earthquake reconstruction, the EIB is involved in various other initiatives in Morocco. This includes a five-year, €6 million technical assistance program launched in partnership with the European Union Delegation to Morocco and the Ministry of Education for the construction of 150 community schools in rural areas.
The EIB has also provided technical support to ONCF, the national railway operator, to develop a climate change adaptation strategy. Furthermore, the EIB recently reaffirmed its commitment to supporting industrial zones and promoting small and medium-sized enterprises in Morocco during a high-level meeting with the Caisse de Depot et de Gestion (CDG).
MK/te/Sf/fss/abj/APA