The European Bank for Reconstruction and Development (EBRD) is helping Morocco to rebuild its economy in the regions of the Atlas Mountains that were hit by the recent earthquake, with an initial response package of up to €250 million from 2023 to 2025.
The response comprises two key phases that are designed to promote sustainable recovery and inclusive regional development, the London-based institution said in a statement.
The initial phase, spanning from 2023 to 2025, will focus on earthquake relief, preservation of livelihoods and initial reconstruction. This includes enabling lending to affected individuals and micro, small and medium-sized enterprises (MSMEs) through partner financial and microfinance institutions, explains the EBRD.
There will be a strong focus on the economic inclusion of women, extending liquidity support for infrastructure and municipalities where needed, and providing advisory and reconstruction grants for MSMEs.
The subsequent phase will see EBRD support for the government’s longer-term development and inclusive plan for the regions, such as infrastructure projects and broader economic opportunities for the population in the affected regions.
This multi-faceted response will be “closely coordinated” with the Moroccan government and other relevant public and private sector stakeholders, and will be implemented in collaboration with other international partners and donors, says the Bank.
“The EBRD stands ready to support the affected communities and regions and help mitigate the adverse effects of the earthquake on livelihoods, human capital and infrastructure through a tailored blend of financing, grant support and technical assistance,” said EBRD Managing Director for the Southern and Eastern Mediterranean region, Heike Harmgart.
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.