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Rabat – The European Investment Bank (EIB) and the Moroccan Ministry of Economy and Finance announced today the signing of a €100 million financing agreement to support the inclusive and sustainable management of forests in Morocco.
This initiative, supported by a European Union (EU) guarantee, will aim to strengthen the “Forests of Morocco 2020-2030 strategy” over the span of five years, from 2024 to 2028.
The agreement was signed today in Rabat by Fouzi Lekjaa, Morocco’s Minister Delegate in charge of the Budget, and EIB Director of Operations for EU neighboring countries Lionel Rapaille.
The main goal of the strategy is to restore forest ecosystems covering more than 600,000 hectares, combat soil erosion, regulate water flow, create over 27,500 additional direct jobs, and boost the market value generated by productive and ecotourism sectors to €0.5 billion annually.
Morocco’s National Agency of Water and Forests (ANEF) will oversee the implementation of the initiative, said the EIB in a press release.
The statement highlighted the key role of Morocco’s 9-million-hectare forest ecosystems in providing environmental, social, and economic benefits. However, it highlighted the challenges it faces, including degradation and overexploitation.
In this respect, the “Forests of Morocco 2020-2030” strategy outlines a new vision for forest space development, emphasizing an “inclusive, sustainable, and wealth-creating management model that places forest-dependent communities at its core,” added that statement.
Read also: Ghabati, Hayati Project: Promoting the Forestry Sector in Morocco
The project focuses on three key components, including watershed management for sustainable water resource management, as well as the rehabilitation and restoration of forest areas in national parks with a focus on developing ecotourism. In addition, it focuses on providing technical assistance to ANEF to diversify its revenues and enhance the economic value of forest sectors.
The project will support ANEF by financing investments in national parks and watersheds in Morocco, including infrastructure and institutional capacity, with a focus on mid-mountain regions.
The EIB said that this vision aligns with the EU’s “Terre Verte” program which aims to reinforce research and development, training, and advisory support to consolidate the ecological transition.
The bank added that the initiative also aligns with the objectives of the Green Partnership Morocco-EU, contributing directly to the achievement of the United Nations Sustainable Development Goals (SDGs).
EU’s Ambassador to Morocco, Patricia Pilar Llombart Cussac, underlined the importance of conserving agroforestry ecosystems and promoting their sustainability, both economically and socially.
Sustainable forest management is a priority for the EU, she suggested, stressing: “Within the Morocco-EU Green Partnership, we support the ‘Forests of Morocco’ strategy, working alongside the EIB to protect and restore watersheds, promote sustainable use of national parks, and strengthen participatory management of forest resources by users.”
Meanwhile, Lionel Rapaille said that the financing agreement is “another step towards achieving our shared goals in climate action, biodiversity protection, and sustainable development for the benefit of the population.”
In addition, he stressed the EIB’s readiness to collaborate with ANEF towards achieving the initiative’s goals.
