Announcement at World Bank Group-IMF Annual Meetings: €1 billion lending over the next three years to Morocco's post-earthquake reconstruction program
Focus on rebuild and repair with emphasis on resilient and sustainable infrastructure, housing and climate action
Announcement after meeting between EIB Vice-President Mourinho Felix and Morocco Vice-Minister Lekjaa
The European Investment Bank (EIB) has pledged €1 billion over the next three years to Morocco's €12 billion post-earthquake reconstruction programme running upto 2028. This financing is completely aligned with Morocco's ambitious national recovery programme according to the priorities of the national authorities.
The announcement was made by EIB’s Vice-President, M. Ricardo Mourinho Felix, after meeting with M. Fouzi Lekjaa, Morocco’s Vice-Minister overseeing the budget. On the margins of the World Bank Group-IMF Annual Meetings in Marrakesh. Also present were Lionel Rapaille, EIB's Director of Operations for EU Neighbouring Countries, and Adrien de Bassompierre, the EIB representative in Morocco.
The EIB's contribution is underpinned by a vision of resilience and sustainability. Funds will be used to repair damage from the earthquake and rebuild better, with a focus on resilient and sustainable infrastructure, leveraging the Bank’s resources and expertise.
“As a long-standing partner of Morocco, we aim not just to rebuild what was lost, but also to contribute to laying the foundations for a brighter, stronger and more resilient future across all the regions in Morocco affected by the September earthquake.” said EIB Vice-President Ricardo Mourinho Félix, who is responsible for financing in Morocco. “Our role as the EU bank is not just about providing financing, it is also a strong commitment to advancing development, and supporting resilience and climate action hand-in-hand with our partners.”
More information in EIB Global in Morocco:
Since 1979, EIB operations in Morocco have improved people’s daily lives by providing access to clean water and energy, finance for small and medium-sized enterprises, sustainable mobility, health and education. The EIB is supporting the EU-Morocco Green Partnership, by which the European Union and the Kingdom of Morocco consolidated their cooperation on protecting the environment, supporting the green economy, conserving biodiversity including at sea, and fighting climate change.
EIB Global is the EIB Group’s specialised arm dedicated to increasing the impact of international partnerships and development finance. EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world.
At a press conference, Ricardo Mourinho Félix, Vice-President of the European Investment Bank (EIB) in Morocco, highlighted the significant amount of funding mobilised by the Bank over the last five years, with a total of €2.5 billion invested to promote Morocco’s development and support its economic and financial health. This makes Morocco the recipient of the second largest volume of EIB support in the southern Mediterranean region.
EIB President Werner Hoyer, Vice Presidents Ambroise Fayolle, Thomas Östros, Teresa Czerwińska and Ricardo Mourinho Félix are in Marrakesh this week to join fellow Multilateral Development Banks (MDBs), other financial institutions, and international and regional partners to discuss how the global financial system can better respond to crises, from the climate emergency to poverty and health inequality.
The European Investment Bank (EIB) has signed a new €37.5 million (MAD 405 million) finance contract with the Office National de l’Electricité et de l’Eau potable (ONEE – Morocco's National Electricity and Drinking Water Company) to finance the rehabilitation and improvement of water supply and distribution infrastructure in Morocco. This signature comes in addition to a previous agreement concluded in 2019 under ONEE's 2019-2023 water infrastructure plan.