EIB Pledges €1 Billion for Morocco's Earthquake Recovery Efforts

The European Investment Bank (EIB) will lend Morocco 1 billion euros over the next three years to support the north African country's reconstruction efforts (AP)
The European Investment Bank (EIB) will lend Morocco 1 billion euros over the next three years to support the north African country's reconstruction efforts (AP)
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EIB Pledges €1 Billion for Morocco's Earthquake Recovery Efforts

The European Investment Bank (EIB) will lend Morocco 1 billion euros over the next three years to support the north African country's reconstruction efforts (AP)
The European Investment Bank (EIB) will lend Morocco 1 billion euros over the next three years to support the north African country's reconstruction efforts (AP)

The European Investment Bank (EIB) said on Wednesday it will lend Morocco 1 billion euros over the next three years to support the north African country's reconstruction efforts after an earthquake that struck the Al Haouz region on September 8.

This financing is completely aligned with Morocco's ambitious national recovery program, which will mobilize €12 billion over the next five years on a post-earthquake reconstruction plan that includes the upgrade of infrastructure, EIB said in a statement.

The loan announcement was made by EIB’s Vice-President, Ricardo Mourinho Felix, after meeting with Fouzi Lekjaa, Morocco’s Vice-Minister overseeing the Budget on the margins of the World Bank Group-IMF Annual Meetings in Marrakech.

Also present were Lionel Rapaille, EIB's Director of Operations for EU Neighboring Countries, and Adrien de Bassompierre, the EIB representative in Morocco.

The EIB's contribution is underpinned by a vision of resilience and sustainability, the statement said. It added that funds will be used to repair damage from the earthquake and rebuild better, with a focus on resilient and sustainable infrastructure, leveraging the Bank’s resources and expertise.

“As a long-standing partner of Morocco, we aim not just to rebuild what was lost, but also to contribute to laying the foundations for a brighter, stronger and more resilient future across all the regions in Morocco affected by the September earthquake,” said Ricardo Félix, who is responsible for financing in Morocco.

“Our role as the EU bank is not just about providing financing, it is also a strong commitment to advancing development, and supporting resilience and climate action hand-in-hand with our partners,” he added.

 

 



Germany Says Sanctions against Syrian War Crimes Suspects Must Stay but People Need Relief

A group of young volunteers paints a mural symbolizing peace on a wall on the outskirts of Damascus, Syria, Sunday, Jan. 12, 2025. (AP)
A group of young volunteers paints a mural symbolizing peace on a wall on the outskirts of Damascus, Syria, Sunday, Jan. 12, 2025. (AP)
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Germany Says Sanctions against Syrian War Crimes Suspects Must Stay but People Need Relief

A group of young volunteers paints a mural symbolizing peace on a wall on the outskirts of Damascus, Syria, Sunday, Jan. 12, 2025. (AP)
A group of young volunteers paints a mural symbolizing peace on a wall on the outskirts of Damascus, Syria, Sunday, Jan. 12, 2025. (AP)

thGermany’s foreign minister said Sunday that sanctions against Syrian officials responsible for war crimes must remain in place but called for a “smart approach” to provide relief to the Syrian population after last month's overthrow of President Bashar Assad.

Annalena Baerbock spoke to reporters after arriving in Saudi Arabia for a conference on Syria's future attended by top European and Middle Eastern diplomats.

Germany is one of several countries that imposed sanctions on the Assad government over its brutal crackdown on dissent. Those penalties could hinder Syria's recovery from nearly 14 years of civil war that killed an estimated 500,000 people and displaced half the prewar population of 23 million, according to The AP.

“Sanctions against Assad’s henchmen who committed serious crimes during the civil war must remain in place,” Baerbock said. “But Germany proposes to take a smart approach to sanctions, providing rapid relief for the Syrian population. Syrians now need a quick dividend from the transition of power.”

Baerbock announced an additional 50 million euros ($51.2 million) in German aid for food, emergency shelters and medical care, highlighting the ongoing struggles of millions of Syrians displaced by the war.

The sanctions imposed target not only senior government officials, but also the country's oil industry, international money transfers and hundreds of entities and individuals linked to the Assad government, crippling the wider economy.

There are exemptions when it comes to humanitarian aid, but relief organizations have said that overcompliance by financial institutions hinders their operations.

Turkish Foreign Minister Hakan Fidan said his country, which was a strong supporter of the Syrian opposition to Assad, would try to aid Syria in normalizing ties with the international community.

He said it was important to establish “a balance between the expectations of the international community and the realities faced by the new administration in Syria.”

He pledged Turkish support to the new government, especially in combating threats from the ISIS group. “As Türkiye, we are ready to do our part to ease the difficult path ahead for the Syrian people,” he said in comments carried by state-run Anadolu Agency.

The United States has eased some restrictions Last week, the United States eased some of its restrictions on Syria, with the US Treasury issuing a general license, lasting six months, that authorizes certain transactions with the Syrian government, including some energy sales and incidental transactions.

The US has also dropped a $10 million bounty it had offered for the capture of Ahmad al-Sharaa, a Syrian opposition leader formerly known as Abu Mohammed al-Golani, whose forces led the ouster of Assad last month. Al-Sharaa was a former senior al-Qaeda militant who broke with the group years ago and has pledged an inclusive Syria that respects the rights of religious minorities.

The opposition factions led a lightning insurgency that ousted Assad on Dec. 8 and ended his family’s decades-long rule.

Much of the world severed ties with Assad and imposed sanctions on his government — and its Russian and Iranian allies — over alleged war crimes and the manufacturing of the amphetamine-like stimulant Captagon, which reportedly generated billions of dollars as packages of the little white pills were smuggled across Syria’s porous borders.

With Assad out of the picture, Syria’s new authorities hope that the international community will pour money into the country to rebuild its battered infrastructure and make its economy viable again.