the World Bank grants a loan of 350 million dollars to Morocco

the World Bank grants a loan of 350 million dollars to Morocco

The World Bank’s Board of Directors has approved a $350 million loan to Morocco to support the Kingdom’s measures to combat climate change and improve resilience to worsening climate impacts.

In a press release published on Monday, the international financial institution stresses that Morocco has made “considerable progress” thanks to its sectoral programs, particularly in the agriculture and energy sectors.

Funding for the Program for Results encourages efforts to mainstream climate policies within government and strengthen coordination mechanisms to accelerate climate transition, the same source said, noting that this program complements and reinforces the other commitments and financing of the World Bank in favor of climate transition in Morocco at the sectoral level, particularly in the areas of water, agriculture, social protection and health.

It will help the Moroccan government accelerate the implementation of its Nationally Determined Contributions (NDCs), which underline the Kingdom’s commitments to combat global warming through the reduction of its greenhouse gas emissions, as well as its resolution to strengthen the country’s resilience to climate shocks, underlines the international institution based in Washington.

“The program design builds on recommendations emanating from Morocco’s National Climate and Development Report (CCDR) 2022, which identifies a series of guiding principles for urgent action, including the need for a whole-of-government approach, creation of a robust climate data system to facilitate decision-making, and the absolute need to protect vulnerable groups and ecosystems against climate change,” the statement said.

“The new funding focuses on building institutional and policy capacity to mainstream climate change into development policies and programs,” said World Bank Maghreb and Malta director Jesko Hentschel, quoted in the communicated.

To achieve this, this funding will help improve policy tools and systems, data management, and the performance of fiscal and financial institutions, while strengthening coordination between agencies and ministries in different sectors. -he.

While average temperatures are increasing in Morocco, the rainfall pattern is following a general downward trend characterized by more irregularities (more frequent and intense droughts, as well as violent rains), notes the press release.

“In this context, the program intends to strengthen the climate resilience of vulnerable populations and ecosystems. It will help expand health coverage for farmers and their family members who are disproportionately exposed to health risks caused by climate change,” explains Carole Megevand, Sector Leader for Sustainable Development for Maghreb countries, and co-lead of the Maghreb countries program at the World Bank.

“It will also be used to protect and restore particularly vulnerable traditional oases, and to deploy nature-based solutions to combat vulnerabilities,” notes Megevand.

According to the World Bank, the new program includes incentives to foster cross-sectoral coordination.

“This program will help advance climate action across government and the economy in a coordinated way by driving, measuring and funding climate priorities in the budget, as well as encouraging the development of economic activities and climate-friendly financial assets,” says Abdoulaye Sy, Senior Economist and Program Co-Lead at the World Bank.


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