The EIB has pledged €1 billion to support Morocco’s reconstruction following the September 2023 earthquake. The funding will rehabilitate infrastructure, improve seismic resilience, and incorporate sustainable energy solutions. Morocco aims to mobilize $12 billion for affected regions over five years.
The European Investment Bank (EIB) has committed to providing €1 billion in loans to Morocco over the next three years to aid in the reconstruction of public infrastructure that suffered damage due to the devastating earthquake that struck the Al Haouz region on September 8, 2023. A significant portion of this funding, amounting to €500 million, has already been formalized through an agreement recently signed in Rabat, involving the Bank and the Moroccan Ministry of Economy and Finance, alongside representatives from various governmental ministries including National Education, Infrastructure and Water, and Health. This financial support from the EIB is aligned with Morocco’s reconstruction strategy, emphasizing the rehabilitation of essential services such as schools, hospitals, and road networks. Additionally, the initiative aims to enhance seismic resilience by improving building standards and incorporating sustainable energy solutions, which will facilitate adaptation to climate change. These efforts are in concert with the EU-Morocco Green Partnership initiatives. In response to the earthquake’s impact, Morocco has established a dedicated agency responsible for overseeing reconstruction activities in the severely affected areas. This agency is tasked with managing projects intended to rehouse those displaced by the earthquake and to update infrastructure across the six most impacted provinces: Marrakech, Al Haouz, Taroudant, Chichaoua, Ouarzazate, and Azilal. The Moroccan government envisions a mobilization of $12 billion aimed at developing the affected regions, which encompass a population of approximately 4.2 million individuals, over the course of five years. The EIB has reiterated its commitment to Morocco’s green transition and aims to bolster inclusive economic development while enhancing resilience against potential future challenges, including natural disasters.
On September 8, 2023, Morocco experienced a powerful earthquake that caused widespread destruction, particularly in the Al Haouz region. In light of this catastrophe, the European Investment Bank has stepped forward to assist the nation in rebuilding critical infrastructure. This support, amounting to €1 billion, is focused not only on immediate reconstruction but also on long-term sustainability and resilience against future natural disasters. The establishment of a governance structure, including a specific agency to oversee reconstruction, underscores the Moroccan government’s commitment to effectively manage the recovery process for the affected population and regions.
The European Investment Bank’s pledge of €1 billion is a significant step towards Morocco’s post-earthquake reconstruction efforts. By focusing on the rehabilitation of essential infrastructure and adopting sustainable practices, this initiative represents a strategic collaboration aimed at promoting resilience and economic recovery in the hardest-hit areas. The Moroccan government’s ambitious plans, supported by international funding, highlight a proactive approach to rebuilding and fortifying community infrastructure against future challenges.
Original Source: northafricapost.com
