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African Development Bank Approves 837 Million USD Loan to Morocco

The African Development Bank (AfDB) provided 837 million dollars to Morocco for assisting its recovery from the recent earthquake’s destruction, announced President of AfDB Akinwumi Adesina during the Africa Investment Forum Market Days in Marrakech on Wednesday.

Adesina applauded the Kingdom’s courage and resilience for the impressive organizational structure of the World Bank/IMF Annual Meetings so soon after the deadly earthquake which shook the region.

He said: “I wish to take the opportunity to reassure the government of the Kingdom of Morocco of our continued collective support for the recovery efforts,” and announced the news of the loan intended to finance the project in 2023.

It is not the first loan that Morocco received for earthquake recovery assistance. Previously, the European Bank for Reconstruction and Development (EBRD) approved last October a new loan of 250 million Euros to Morocco from 2023-2025 to rebuild its infrastructure in the Atlas Mountain areas.

Also, on September 28 the IMF approved a loan in the amount of approximately $1.32 billion for Morocco under the Resilience and Sustainability Facility (RSF).

On September 8, a massive earthquake with a magnitude of 6.8 rocked Morocco, killing 3,000 people and injuring thousands more.