The European Investment Bank (EIB) has pledged €1 billion over the next three years to Morocco’s post-earthquake reconstruction program that is expected to cost €12 billion by 2028, said EIB in a press release on Wednesday.
The announcement was made after a meeting between EIB Vice-President Ricardo Mourinho Felix and Morocco’s Minister Delegate for the Budget Fouzi Lekjaa during the World Bank Group-IMF Annual Meetings in Marrakech, attended also by Lionel Rapaille, EIB’s Director of Operations for EU Neighbouring Countries, and Adrien de Bassompierre, EIB representative in Morocco.
EIB Vice-President Ricardo Mourinho Félix stated that the bank is helping to lay the foundations for a “brighter, stronger, and more resilient future across all the regions in Morocco affected by the September earthquake.”
The funding will be utilized not only to repair the damage caused by the earthquake, but also to “rebuild better,” focusing on creating resilient and sustainable infrastructure.
The Annual Meeting of the World Bank (WB) and the International Monetary Fund (IMF) kicked off on Tuesday in Marrakech. With around 14,000 participants, including leaders from the public and private sectors, civil society organizations, youth, media, and academic researchers, it is expected to address issues of international significance.