Morocco’s Ministry of Economy and Finance and the European Investment Bank (EIB) signed, on Thursday in Rabat, an agreement for the financing of the Integrated Program for Reconstruction and Post-Earthquake Upgrading of Al Haouz, for a total amount of 500 million euros.
Signed by the Minister Delegate to the Minister of Economy and Finance, responsible for the Budget, Fouzi Lekjaa, and the Vice-President of the EIB, Ioannis Tsakiris, in the presence of the Minister of Health and Social Protection, Khalid Ait Taleb, and the Minister of National Education, Preschool, and Sports, Chakib Benmoussa, this financing agreement represents the first tranche of a total financing package of one billion euros, intended to support reconstruction and upgrading efforts in the regions affected by the Al Haouz earthquake.
Speaking on the occasion, Lekjaa emphasized that this financial partnership is part of efforts to mobilize the necessary resources for the rehabilitation of essential infrastructure and basic services in the regions impacted by the earthquake, specifying that it will be implemented in two phases over a five-year period.
The first phase is dedicated to interventions focused on the reconstruction of basic infrastructure and the rehabilitation of main roads, while the second phase will be devoted to supporting the Moroccan government in its efforts towards comprehensive upgrading, with the aim of establishing an integrated and balanced territorial and socio-economic development model for the region, he explained.
For his part, Tsakiris, on an official visit to Morocco as part of strengthening the EIB’s partnership with the Kingdom, stated that this financing “will not only restore vital services in the most severely affected regions but also rebuild modern, resilient, and eco-friendly infrastructure.”
“Our objective is for the inhabitants of the affected areas to regain decent living conditions, including access to modern schools, roads, and hospitals meeting the highest international standards,” he continued, noting that this project aligns with the EIB’s climate priorities and the Sustainable Development Goals (SDGs).
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