Nadia Fettah, Morocco’s Minister of Economy and Finance, and Jesko Hentschel, the World Bank’s (WB) Country Director for the Maghreb and Malta, signed a “Rapid Response Option” (RRO) agreement in Rabat, on Monday.
The signing occurred during a meeting with Ousmane Dione, the World Bank’s Vice-President for the Middle East and North Africa (MENA), on his first official visit to Morocco since he assumed his role that is taking place from May 18-21.
The RRO agreement seeks to enhance Morocco’s ability to quickly mobilize resources from its existing World Bank funding portfolio to manage and mitigate the impacts of crises and emergencies.
The agreement will allow Morocco to access up to 10% of its undisbursed funds from the World Bank in the event that rapid actions are needed to respond to a crisis. The mechanism will provide immediate liquidity with respect to funds needed for essential services, such as healthcare, shelter, and food, in the aftermath of disasters or emergencies.
“This agreement is unprecedented in the MENA region,” Minister Fettah said. She applauded the ongoing strategic partnership between Morocco and the Bank.