The European Investment Bank (EIB) has announced a €1 billion loan over three years to support Morocco’s reconstruction efforts following the recent earthquake.
The announcement was made following a meeting between EIB Vice-President Mourinho Felix and Fouzi Lekjaâ, Minister Delegate for the Budget, on the sidelines of the IMF-World Bank Annual Meetings in the Ochre City, EIB said in a statement.
The funds will be used to rehabilitate infrastructure and housing and to promote resilient and sustainable climate initiatives.
It is important to note that Morocco’s post-earthquake reconstruction programme aims to mobilise a total of €12 billion by 2028.
The release stressed that the EIB’s contribution is based on a resilience and sustainability perspective. The funds will be used to repair the damage caused by the earthquake, with a particular focus on creating resilient and sustainable infrastructure. The Bank will bring its expertise and resources to this effort.
Ricardo Mourinho Félix, EIB Vice-President responsible for lending operations in Morocco, said: “As a long-standing partner of Morocco, our ambition goes beyond simply repairing the damage. We also want to lay the foundations for a more promising, robust and resilient future, particularly in the Moroccan regions affected by the September earthquake.”
He added: “As the European Union’s bank, our mission is not limited to providing finance. We are fully committed to development, promoting resilience and fighting climate change, hand in hand with our partners.”
This loan reflects the EIB’s commitment to helping Morocco rebuild and strengthen its resilience in the wake of this natural disaster.
HA/lb/abj/APA