Morocco has secured a sum of US $110M loan from the European Investment Bank (EIB) to support its efforts in enhancing water and forestry sector resilience.
The loan agreement, signed in Rabat by Fouzi Lekjaa, the Moroccan minister delegate in charge of the budget, and Lionel Rapaille, the director of Operations at the EIB, emphasizes the importance of addressing climate change adaptation and promoting biodiversity within the water and forestry sector.
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Strategy
The allocated funds are intended for modernizing and increasing the competitiveness of Morocco’s water and forestry sector. The move aligns with the broader strategy of the country to strengthen its environmental and economic sustainability.
Furthermore, the EIB’s commitment to granting Morocco a total of 1 billion euros in loans over the next three years, as announced on October 11, reflects a substantial partnership between Morocco and the EIB to support the nation’s development goals. This financial support is likely to have a positive impact on Morocco’s environmental resilience and economic growth in the coming years.
Morocco is a climate hotspot and one of the world’s most water-stressed countries. Water scarcity imposes significant economic constraints, which are expected to worsen as the country approaches the absolute threshold of 500 cubic meters of water per person per year by 2030. Climate change is likely to have cumulative and cascading effects on Morocco’s water security.