The bank announced the loan in December 2019, seeking to help Morocco to develop its intervention against natural disasters and climate related shocks.
Rabat – Morocco and the World Bank officially signed the natural disasters management policy agreement on January 16
The agreement officially approves the $275 loan the World Bank pledged to help Morocco develop its intervention policy for natural disasters and climate-related shocks.
Morocco’s Minister of Economy, Mohamed Benchaaboun, and the Director of the Maghreb and Malta Department of the World Bank, Jesko Hentschel, inked the deal in Rabat.
Benchaaboun explained that the agreement will help Morocco to enhance its intervention strategies in case of catastrophic events. He added that the policy “constitutes a guarantee for Morocco.”
The precautionary and liquidity line, or flexible line of credit, falls within the national disaster management policy, Benchaaboun explained.
Henschel also spoke about the loan and the cooperation between the World Bank and Morocco, welcoming the country’s efforts to cover and “manage the consequences” of disasters.
“It is an insurance for Morocco against catastrophic events,” said the World Bank official.
The loan is part of the World Bank’s efforts to support Morocco in facing “future risks linked to natural disasters given the climate change, which is very important for the future of the country,” he added.
Critical natural disasters are not common in the country. Last year, however, several fatal incidents took place, including flooding caused by heavy rainstorms hitting the province of Taroudant, southern Morocco.
The flood killed at least seven people, including a 17-year old, when a river burst its banks, sweeping over a recently built football facility.