Morocco is one of three Arab nations chosen for the Blue Mediterranean Partnership, which aims to promote the southern Mediterranean region’s transition to a sustainable blue economy, announced the European Investment Bank (EIB) on Saturday.
The statement came during COP28, which is now taking place in the United Arab Emirates.
Morocco, Egypt, and Jordan will also benefit from one billion euros in investments from partners and financial institutions.
The European Commission announced a one million euro donation, the Swedish International Development Cooperation Agency (SIDA) provided 6.5 million euros, and the French Agency for Development (AFD) chipped in a two million euro contribution. Germany and Spain are also anticipated to make donations in the coming months, with more to come.
Beneficiary states will take the lead in selecting critical blue economy initiatives in their respective territories, with the Union for the Mediterranean (UfM) serving as a facilitator of the political and regulatory discussion.
EBRD President Odile Renaud-Basso said, “The Mediterranean region has tremendous potential to spur economic growth if it is protected and developed sustainably.”
The Mediterranean Blue Partnership will commence in early 2024, according to the European Bank for Reconstruction and Development (EBRD).
The Partnership was announced in 2022 at COP27 in Egypt and has already garnered strong political backing from beneficiary nations and partners.
The Mediterranean Sea basin is a recognized hotspot of marine biodiversity and a key source of economic activity for the region’s 480 million inhabitants spread out over 22 countries. Its environment is threatened by habitat loss and ecosystem degradation, overfishing, pollution, and climate change.