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The EIB, bank of the European Union (EU), formalizes the signature of a loan of 500 million euros, the first tranche of the 1 billion euros granted to support the reconstruction of the Moroccan regions affected by the earthquake of 8 September 2023.
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This EU-guaranteed funding aims to help restore essential infrastructure in the education, health and transport sectors, while integrating reinforced seismic standards and sustainable energy solutions.
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This support is part of the overall reconstruction program set up by the Moroccan government to revitalize the disaster areas.
On October 10, 2024, the European Investment Bank (EIB) signed, with the Moroccan Ministry of Economy and Finance, in the presence of the Ministry of National Education, Preschool and Sports, the Ministry of Equipment and Water, and the Ministry of Health, an agreement covering a budget of 500 million euros (approximately 5.4 billion dirhams). This is the first tranche of a total loan of 1 billion euros intended to contribute to the reconstruction of public infrastructure in the regions affected by the earthquake of September 8, 2023.
This commitment marks strong support from the EIB to support the Kingdom of Morocco in the rehabilitation of essential infrastructure and the revitalization of disaster areas after this disaster.
This support is part of the overall reconstruction program of the Kingdom of Morocco. It focuses on three priority areas: first, the rehabilitation of schools, hospitals and road networks in the most affected areas; then, improving seismic standards to ensure better resilience to disasters; finally, the integration of sustainable energy solutions to strengthen adaptation to climate change and energy efficiency, in accordance with the priorities of the European Union-Morocco Green Partnership.
This support also includes a technical assistance grant dedicated to the implementation of the project, in order to strengthen the structure of the program and guarantee sustainable reconstruction.
The project aligns with the climate priorities of the EIB, as a Climate Bank, and the Sustainable Development Goals (SDGs). It will contribute to rebuilding more resilient and efficient infrastructure and achieving the SDGs, including quality education (SDG 4), good health and well-being (SDG 3), and climate action (SDG 13).
“This unprecedented financing for Morocco is a concrete example of our commitment to supporting our partners in times of crisis. After the tragedy of the earthquake and the remarkable efforts already made by the Kingdom of Morocco, this funding will not only make it possible to restore vital services in the hardest hit regions, but also to rebuild modern, resilient and ecological infrastructure. » declared Ioannis Tsakiris, Vice-President of the EIB. And added: “Our objective is that the inhabitants of the affected regions can regain decent living conditions by benefiting in particular from modern schools, roads and hospitals meeting the best international standards. The EIB stands alongside Morocco to ensure sustainable and beneficial reconstruction for future generations. »
This financing is part of the high-quality partnership between the EIB and the Kingdom of Morocco. The EIB thus reaffirms its commitment to supporting Morocco in its ecological transition, to promoting inclusive socio-economic development, and to strengthening resilience in the face of future challenges, in particular natural disasters. This agreement demonstrates the mutual trust between Morocco and the EIB, and their shared determination to achieve long-term sustainable development objectives.
