EIB Commits €1 Billion for Morocco’s Reconstruction in Wake of Earthquake
The European Investment Bank has pledged €1 billion to assist Morocco in rebuilding infrastructure following the devastating earthquake in the Al Haouz region. The first €500 million tranche was signed in Rabat and will support projects aimed at rehabilitating schools, hospitals, and roads while improving disaster resilience and sustainable energy integration. Morocco plans to mobilize $12 billion for reconstruction and has established an agency to oversee recovery efforts in the most affected provinces.
The European Investment Bank (EIB) has announced a significant commitment to support Morocco with a loan of €1 billion over the next three years, aimed at facilitating the reconstruction of public infrastructure devastated by the powerful earthquake that struck the Al Haouz region on September 8, 2023. The initial installment of this loan, amounting to €500 million, was formally signed in Rabat between EIB officials and representatives from Morocco’s Ministry of Economy and Finance. This ceremony was attended by officials from various ministries, including National Education, Infrastructure and Water, and Health, underscoring the collaborative effort involved in the reconstruction initiative. This EIB funding will bolster Morocco’s reconstruction program, which prioritizes the rehabilitation of critical infrastructures such as schools, hospitals, and roads. It also emphasizes the enhancement of seismic standards to improve resilience against future disasters, alongside the integration of sustainable energy solutions contributing to climate change adaptation and energy efficiency, aligning with the EU-Morocco Green Partnership. To effectively oversee the reconstruction efforts in the areas affected by the earthquake, Morocco has established a dedicated agency tasked with supervising various projects intended to rehouse displaced populations and refurbish infrastructure in the six most severely impacted provinces: Marrakech, Al Haouz, Taroudant, Chichaoua, Ouarzazate, and Azilal. The Moroccan government aims to mobilize a total of $12 billion to revitalize the affected regions, which encompass a population of approximately 4.2 million individuals over the next five years. The EIB has reiterated its commitment to supporting Morocco’s transition towards sustainability, fostering inclusive socio-economic development, and enhancing resilience to potential future challenges, particularly those posed by natural disasters.
The pledge from the European Investment Bank comes in response to a severe earthquake that has inflicted extensive damage on Morocco, particularly in the Al Haouz region. The earthquake, occurring on September 8, 2023, highlighted the vulnerabilities of public infrastructure and the pressing need for comprehensive rebuilding efforts. The EIB’s commitment aligns with Morocco’s broader reconstruction goals and its strategy for socio-economic development while addressing environmental concerns in its recovery initiatives. This collaboration reflects an ongoing relationship between Morocco and the European Union, particularly in areas focused on sustainability and disaster resilience.
In conclusion, the European Investment Bank’s commitment of €1 billion to support Morocco’s post-earthquake reconstruction is a crucial step toward revitalizing the affected regions and enhancing infrastructure resilience. The focus on rehabilitating essential services and integrating sustainable practices will not only aid in immediate recovery efforts but also contribute to the long-term socio-economic development of Morocco, ensuring preparedness against future disasters. This initiative underscores the importance of international cooperation in response to natural disasters and the commitment to sustainable development goals.
Original Source: northafricapost.com
