EBRD offers Morocco 270 mln euros in quake response

The European Bank for Reconstruction and Development said it will offer Morocco 270 million euros as an initial response to the earthquake over 2023-2025.

The response comprises two key phases that are designed to promote sustainable recovery and inclusive regional development, the EBRD said in a statement.

The funding will be geared to reconstruction, supporting micro enterprises and SMEs as well as economic inclusion of women, it said.

The bank is planning additional funding at a later stage targeting the upgrade of infrastructure, it added.

Morocco is a founding member of the EBRD and became a beneficiary of Bank resources in 2012. To date the EBRD has invested €4.2 billion in the country through 95 projects.

Morocco had announced a five-year plan worth 12 billion dollars in response to the earthquake to be funded by the state budget, local authorities, a special fund created to support quake-hit areas, Hassan II fund and international development aid.

About Geraldine Boechat 2734 Articles
Senior Editor for Medafrica Times and former journalist for Swiss National Television. former NGO team leader in Burundi and Somalia