EIB Commits €1 Billion for Morocco’s Post-Earthquake Reconstruction

EIB Commits €1 Billion for Morocco’s Post-Earthquake Reconstruction

(IN BRIEF) The European Investment Bank (EIB) has pledged €1 billion for Morocco’s post-earthquake reconstruction program over the next three years. This funding aligns with Morocco’s national recovery program priorities and aims to mobilize a total of €12 billion by 2028. The announcement was made by EIB’s Vice-President, Ricardo Mourinho Felix, following discussions with Morocco’s Vice-Minister overseeing the Budget, Fouzi Lekjaa, during the World Bank Group-IMF Annual Meetings in Marrakesh. The EIB’s contribution focuses on resilience and sustainability, intending to repair earthquake damage and rebuild with a focus on resilient and sustainable infrastructure. The EIB has a long history of supporting development in Morocco, including initiatives related to clean water, energy, small and medium-sized enterprises, sustainable mobility, health, and education. This commitment also aligns with the EU-Morocco Green Partnership, emphasizing environmental protection, the green economy, biodiversity conservation, and climate change mitigation.

(PRESS RELEASE) LUXEMBOURG, 12-Oct-2023 — /EuropaWire/ — The European Investment Bank (EIB) has pledged €1 billion over the next three years to Morocco’s post-earthquake reconstruction programme which will mobilise €12 billion by 2028. This financing is completely aligned with Morocco’s ambitious national recovery programme according to the priorities of the national authorities.

The announcement was made by EIB’s Vice-President, M. Ricardo Mourinho Felix, after meeting with M. Fouzi Lekjaa, Morocco’s Vice-Minister overseeing the budget. On the margins of the World Bank Group-IMF Annual Meetings in Marrakesh. Also present were Lionel Rapaille, EIB’s Director of Operations for EU Neighbouring Countries, and Adrien de Bassompierre, the EIB representative in Morocco.

The EIB’s contribution is underpinned by a vision of resilience and sustainability. 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 EIB Vice-President Ricardo Mourinho 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.”

More information in EIB Global in Morocco:

Since 1979, EIB operations in Morocco have improved people’s daily lives by providing access to clean water and energy, finance for small and medium-sized enterprises, sustainable mobility, health and education. The EIB is supporting the EU-Morocco Green Partnership, by which the European Union and the Kingdom of Morocco consolidated their cooperation on protecting the environment, supporting the green economy, conserving biodiversity including at sea, and fighting climate change.

EIB Global is the EIB Group’s specialised arm dedicated to increasing the impact of international partnerships and development finance.  EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world.

Media Contact:

Shirin Wheeler
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SOURCE: European Investment Bank