Morocco’s Ministry of Economy and Finance and the European Investment Bank (EIB) signed an agreement on Thursday to finance the Integrated Post-Earthquake Reconstruction and Rehabilitation Program, to the tune of €500 million.
Signed by Fouzi Lekjaa, the Minister Delegate for the Budget, and Ioannis Tsakiris, the Vice President of the EIB, this financing represents the first tranche of a total allocation of €1 billion to support reconstruction efforts in regions affected by the earthquake that struck several regions in Morocco in September 2023.
Speaking at the signing ceremony, Lekjaa said “This financial partnership is part of broader efforts to mobilize necessary resources for rehabilitating essential infrastructure and basic services in the earthquake-affected areas.”
The program will be implemented in two phases over a five-year period. The first phase focuses on reconstructing basic infrastructure and rehabilitating major roads, while the second phase will support the Moroccan government in its comprehensive upgrading initiatives, to establish an integrated and balanced territorial and socio-economic development model for the region.
Tsakiris stated that “the funding will not only restore vital services in the hardest-hit areas but also help build modern, resilient, and environmentally friendly infrastructure.”
“Our goal is to ensure that residents of the affected regions can regain decent living conditions, with access to modern schools, roads, and hospitals meeting the highest international standards,” he added, noting that this project aligns with the EIB’s climate priorities and the Sustainable Development Goals (SDGs).
The program seeks to enhance the resilience of affected areas through sustainable infrastructure that can withstand the impacts of climate change, in line with the priorities of the Morocco-EU Green Partnership.
The reconstruction program will contribute to building more resilient and efficient infrastructure and to achieving the SDGs, particularly quality education (SDG 4), good health and well-being (SDG 3), and climate action (SDG 13).
Khalid Ait Taleb, the Minister of Health and Social Protection, and Chakib Benmoussa, the Minister of National Education, Preschool, and Sports also attended the signing ceremony.