Marrakech – The European Investment Bank’s (EIB) Vice-President Ricardo Mourinho Felix praised Morocco’s resilience following the destructive September 8 earthquake.

“The Morocco Earthquake was a tragedy and I’d like to express my condolences to the Moroccan people, but this meeting showed very well the resilience of Morocco and how it can react,” Felix told Morocco World News (MWN) on Wednesday.

Speaking in Marrakech at the World Bank and International Monetary Fund’s (IMF) annual meetings, he said that the EIB “has been expressing to Moroccan authorities the willingness and ability to support with the best we can.”

Supporting Morocco’s recovery

These discussions included repurposing operations, in particular with schools, so that additional resources are allocated to reconstruct schools that were destroyed.

“I can commit that the EIB will pledge 1 billion [euros] in funding over the next three years to support the plans of the government,” he told MWN. “For the government to develop, and to find a plan, and we as a financier to finance reconstruction, that is very well aligned with the priorities of the European Investment Bank.”

“That’s how we can provide support and that is a very tangible outcome of the very important meeting we had today,” he added.

Felix added that during a discussion with Morocco’s Minister Delegate in Charge of the Budget Fouzi Lekjaa, the two were “very much aligned” in their vision to build back better what the earthquake destroyed.

The earthquake that struck Morocco on September 8 has taken nearly 3,000 lives and injured thousands of others, prompting urgent calls and plans to rebuild communities in the affected areas.

The World Bank and IMF meetings are taking place in Marrakech, one of the cities that were affected by the quake, under the looming shadow of the disaster.

Several officials throughout the event have emphasized the need to not only recover from the catastrophic event, but to build back better and bridge some of the gaps between rural and urban areas in terms of development.

A focus on climate

Felix also praised Morocco’s green energy potential, as the country has been positioning itself as a regional leader in the field.

“Today we had meetings with Moroccan stakeholders in the area and saw very promising projects,” explaining that the EIB is already engaged in several of them.

He explained that Morocco can benefit from its already strong infrastructure and young, educated demographic, adding that the EIB would like to be “side by side” with Morocco to fund and develop a very robust energy sector.

A better clean energy infrastructure, according to Felix, would help propel the country’s income, as well as create jobs and create value for the people of the region.

This is of particular relevance considering the EIB’s intent to give greater focus to climate in its operations. The bank’s 2025 roadmap, released in 2020, said that the financial institute would raise its level of support for climate programs to exceed 50% of its overall lending activities.

Felix also said that Morocco can serve as a blueprint for the regions of the Middle East and Africa in multiple dimensions, including in decarbonization and green hydrogen.

He concluded by stressing the importance of meetings and events such as the annual meetings currently being held in Marrakech in bringing together different stakeholders and facilitating collaboration and joint projects.