The European Bank for Reconstruction and Development (EBRD) has announced an initial response package of up to €250 million spanning from 2023 to 2025 to assist Morocco in rebuilding its economy in the Atlas Mountains regions affected by the recent earthquake.
Hajnalka Harmat, the EBRD Regional Director for the South and East Mediterranean, stated that the EBRD is ready to support the affected communities and regions in Morocco and help mitigate the negative effects of the earthquake on livelihoods, human capital, and infrastructure.
This support will be provided through a specially designed plan that includes a combination of financing, grants, and technical assistance.
According to the bank’s statement, this initial operation consists of two main phases designed to enhance sustainable recovery and comprehensive regional development. The first phase, spanning from 2023 to 2025, will focus on providing relief to earthquake-affected individuals, preserving livelihoods, and initiating early reconstruction efforts.
This will involve extending loans to affected individuals and micro, small, and medium-sized enterprises through partner financial institutions. There will be a strong emphasis on economic empowerment for women, expanding liquidity support for infrastructure and municipalities when needed, and providing consultancy grants and reconstruction grants for micro, small, and medium-sized projects.
In the subsequent phase, the EBRD will support the Moroccan government’s long-term comprehensive development plan for regions, including infrastructure projects and broader economic opportunities for residents in affected areas.
The bank will concentrate on assisting micro, small, and medium-sized enterprises in accessing financing, supporting the revitalization of the tourism sector, agricultural value chains, and enhancing their resilience, improving key municipal and regional infrastructure, and promoting economic diversification and human capital development through targeted investments and private sector advisory services.
This multifaceted operation will be closely coordinated with the Moroccan government and other relevant stakeholders in both the public and private sectors, as well as implemented in collaboration with other international partners and donors.
It is worth noting that Morocco is one of the founding members of the European Bank for Reconstruction and Development, becoming a beneficiary of the bank’s resources in 2012.
