Morocco: The European Investment Bank Grants €1 Billion Loan for Earthquake reconstruction
The European Investment Bank (EIB) has announced its commitment to provide a €1 billion loan to Morocco over a three-year period. This financing is aimed at supporting the reconstruction efforts following a powerful earthquake that struck certain regions of Morocco in September.
This financial support is part of an extensive program for the reconstruction and rehabilitation of affected areas, which is estimated to require a total budget of €12 billion (120 billion Moroccan dirhams) over a five-year period, according to an EIB statement.
The announcement was made by EIB Vice President Mourinho Felix following a meeting with the Deputy Minister of Budget, Fouzi Lekjaa, on the sidelines of the Annual Meetings of the World Bank Group and the International Monetary Fund in Marrakech.
This meeting also included EIB Director of Operations in neighboring countries of the European Union, Lionel Rapaille, and the EIB Representative in Morocco, Adrien de Bassompierre.
The EIB’s contribution is in line with a perspective of resilience and sustainability. The funds will be used to repair earthquake damages and emphasize the construction of resilient and sustainable infrastructure, leveraging the Bank’s expertise.
Felix, The European Investment Bank Vice President , stressed that as a long-standing partner of Morocco, the Bank’s objective is not only to rebuild what has been lost but also to lay the foundations for a more promising, stronger, and more resilient future in all the regions of Morocco affected by the September earthquake.
He also highlighted the role of the EIB as the bank of the European Union, emphasizing that their commitment extends beyond providing financing and encompasses support for development, resilience, and climate action in collaboration with their partners.
Pedro Okalamar
