The World Bank’s Board of Executive Directors announced that it has approved a USD 500 million loan for Morocco, aimed at improving human capital, according to a recent press release.
The loan will help improve protection against health risks, human capital losses during childhood, poverty in old age, and climate change risks, said the World Bank.
“The combination of the COVID-19 pandemic and a two-year drought pushed the Moroccan Economy into a deep recession in 2020 and led to an increase in poverty,” explained the World Bank in its press release.
Additionally, the Russia-Ukraine war impacted the global economy since late February and it is still ongoing for over 100 days.
“Moroccans have contended with many shocks these past few years, including a global pandemic, climate change, inflation, and droughts,” said Jesko Hentschel, World Bank Maghreb Country Director in the same press release.
“This program will support Morocco in universalizing health insurance, rolling out a vital family allowance program, and better protecting the population from risks, including those caused by climate change,” he added, according to the same source.
The World Bank said it will support the government in strengthening the institutional and coordination framework for disaster and climate-related risk management.
The loan will also support the development of new mechanisms to protect vulnerable farmers against droughts and other extreme climate events, and provision of relief for the effects of the delay of rainfall during the 2021-2022 agricultural season, according to the same source.
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