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 Mmeetings in Marrakesch. 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.”

By WAM