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.
