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Economy

Morocco and EIB Sign $532 Million Deal for Al Haouz Earthquake Recovery

Friday 11 - 08:20

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Morocco has secured a vital agreement with the European Investment Bank (EIB) to finance the recovery efforts for the regions affected by the Al Haouz earthquake. The Ministry of Economy and Finance, represented by Minister Delegate Fouzi Lekjaa, and EIB Vice President Ioannis Tsakiris, signed the deal on Thursday, marking a significant step toward rebuilding the disaster-stricken areas.

The $532 million USD (MAD 5.65 billion) initiative will focus on restoring essential infrastructure, providing relief to communities impacted by the earthquake. This agreement is the first installment of a larger €1 billion program aimed at revitalizing these regions over the next five years.

The program’s initial phase will prioritize the reconstruction of key infrastructure, including roads and critical public services. A second phase will see the development of a comprehensive territorial and socioeconomic model for the region, integrating sustainable development and climate-resilient infrastructure.

During the signing, Lekjaa emphasized the importance of this partnership in mobilizing resources to address the region’s urgent needs. He also highlighted that the project will enhance local resilience and promote long-term recovery through improved infrastructure.

Tsakiris echoed these sentiments, stating that the project will not only restore vital services but also ensure that modern, eco-friendly infrastructure is built in line with international standards. The initiative aligns with the EIB’s climate goals and contributes to the achievement of the United Nations' Sustainable Development Goals (SDGs), including quality education, health and well-being, and climate action.

Ministers Khalid Ait Taleb (Health and Social Protection) and Chakib Benmoussa (National Education, Preschool, and Sports) were also present at the signing. They underscored the broader goals of the project, which include improving public services and modernizing infrastructure such as schools and hospitals.

The project is set to play a crucial role in rebuilding the region's economy while promoting sustainable development, positioning Morocco as a key player in both regional recovery efforts and global climate initiatives.