The World Bank said it has allocated over USD 5 billion to the Middle East North Africa (MENA) region, in light of the war in Ukraine and its effects on economies, said the bank in a recent press release.
In Morocco, the World Bank approved $500 million to help strengthen human capital and resilience.
This budget support program aimed to improve protection against health risks, human capital losses during childhood, old-age poverty, and climate change risks, said the same source.
In detail, the World Bank has approved a USD 100 million loan for Morocco’s economic capital Casablanca, and USD 250 for the Nador region, as part of the North-East economic development project.
Additionally, the World Bank said that these funds combined with strategic and reform-oriented advisory and analytical support, are assisting people throughout the region in mitigating the effects of the Ukraine war on food and energy prices.
The funds also help respond to the effects of the COVID-19 pandemic, and build resilience to climate and other shocks, particularly in fragile and conflict-affected countries, added the World Bank in the press release.
The World Bank currently has a portfolio in the MENA region worth approximately $25.2 billion.
Agriculture, energy, education, climate, health, social protection, trade, and transportation are among the sectors covered by the portfolio, concluded the World Bank in its press release.
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