Morocco Secures €100 Million Deal with European Investment Bank to Propel Decade-Long Forestry Strategy

Morocco and the European Investment Bank (EIB) have forged a historic alliance, formalizing a financial partnership valued at 100 million euros to bolster Morocco's ambitious Forests of Morocco 2020-2030 strategy. The signing of this agreement, attended by esteemed delegates including Fouzi Lekjaa, the Delegate Minister to the Minister of Economy and Finance responsible for the Budget, Lionel Rapaille, the Director of Operations for neighboring countries of the European Union at the EIB, and Abderrahim Houmy, the Director General of the National Agency for Water and Forests (ANEF), marks a profound collaboration between Morocco and the EIB spanning from 2024 to 2028.

Aligned with the visionary agenda of HM King Mohammed VI, this financial pact underscores Morocco's steadfast commitment to modernize and elevate the competitiveness of its water and forestry sector. The agreement is meticulously structured around three key components, focusing on climate change adaptation, biodiversity promotion, and the fortification of institutional capacities for seamless and coordinated implementation.

The first component allocates funds to support watershed development plans aimed at rehabilitating forests, mitigating erosion, preserving water resources, and enhancing soil fertility. This comprehensive effort encompasses afforestation, assisted natural regeneration, mechanical erosion control, ravine revegetation, and the establishment or maintenance of forest tracks.

The second component delves into biodiversity conservation and the promotion of ecotourism in national parks. This involves safeguarding and rehabilitating habitats and species, developing appropriate infrastructure, and fostering ecotourism growth to preserve Morocco's natural wonders.

The third component focuses on providing technical assistance to ANEF in project preparation and implementation, supported by a generous grant from the European Union Neighborhood Investment Facility. This aid serves as a catalyst for the successful realization of the project's objectives, enabling ANEF to navigate potential challenges and foster sustainable development.

During the signing ceremony, Lekjaa passionately underscored the significance of this financing agreement, hailing it as a momentous milestone in Morocco's pursuit of environmental and socio-economic triumphs. He further emphasized Morocco's unwavering commitment to combatting climate change, including the ambitious goal of reducing greenhouse gas emissions by 45.5% by 2030, while spearheading the transition towards clean and renewable energy sources. Lekjaa also commended the forest support program for its unique ability to capture greenhouse gases and contribute to the advancement of clean energy initiatives.

Rapaille, echoing Lekjaa's sentiments, emphasized the paramount importance of this financing agreement that embraces an integrated approach. At its core, the agreement seeks to fortify the biodiversity of Morocco's national parks and address the challenges of climate change while propelling the economic development of these invaluable forest areas. Rapaille stressed that this funding is part of a holistic project encompassing various objectives, including critical actions such as erosion protection and forest area development. Moreover, he highlighted the inclusive nature of the approach, ensuring the active involvement of all local stakeholders, fostering a sense of collective responsibility and ownership.

In a remarkable display of solidarity and foresight, Morocco and the European Investment Bank have embarked on a transformative journey, united in their commitment to safeguarding the environment, nurturing biodiversity, and charting a sustainable future for generations to come. With this monumental financing agreement, Morocco's forestry strategy is poised to flourish, leaving an indelible mark on the nation's landscape and ushering in an era of ecological prosperity.