EBRD Commits €250 Million Recovery Package to Assist Morocco After Devastating Earthquake

EBRD Commits €250 Million Recovery Package to Assist Morocco After Devastating Earthquake

(IN BRIEF) The European Bank for Reconstruction and Development (EBRD) is providing Morocco with an initial earthquake response package of up to €250 million from 2023 to 2025 to aid recovery efforts in regions of the Atlas Mountains affected by a recent earthquake. The response will comprise two phases focusing on earthquake relief, livelihood preservation, reconstruction, and longer-term development and inclusive planning. This includes support for lending to affected individuals and small enterprises, economic inclusion of women, infrastructure projects, and more.

(PRESS RELEASE) LONDON, 26-Oct-2023 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD) is helping Morocco to rebuild its economy in the regions of the Atlas Mountains that were hit by the recent earthquake, with an initial response package of up to €250 million from 2023 to 2025.

The quake that struck on 8 September 2023 is the most powerful experienced by Morocco in over a century and the deadliest since 1960. It claimed 3,000 lives and left a devastating trail of destruction.

EBRD Managing Director for the Southern and Eastern Mediterranean (SEMED) region, Heike Harmgart, said: “The EBRD stands ready to support the affected communities and regions and help mitigate the adverse effects of the earthquake on livelihoods, human capital and infrastructure through a tailored blend of financing, grant support and technical assistance”.

The response comprises two key phases that are designed to promote sustainable recovery and inclusive regional development.

The initial phase, spanning from 2023 to 2025, will focus on earthquake relief, preservation of livelihoods and initial reconstruction. This includes enabling lending to affected individuals and micro, small and medium-sized enterprises (MSMEs) through partner financial and microfinance institutions. There will be a strong focus on the economic inclusion of women, extending liquidity support for infrastructure and municipalities where needed, and providing advisory and reconstruction grants for MSMEs.

The subsequent phase will see EBRD support for the government’s longer-term development and inclusive plan for the regions, such as infrastructure projects and broader economic opportunities for the population in the affected regions.

The EBRD will focus on helping provide MSMEs with greater access to finance, supporting the revitalisation and resilience of the tourism sector and agricultural value chains, improving key municipal and regional infrastructure, and promoting economic diversification and human capital development through targeted investments and advisory services to the private sector.

This multi-faceted response will be closely coordinated with the Moroccan government and other relevant public and private sector stakeholders, and will be implemented in collaboration with other international partners and donors.

Morocco is a founding member of the EBRD and became a beneficiary of Bank resources in 2012. To date the EBRD has invested €4.2 billion in the country through 95 projects.

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SOURCE: EBRD