Morocco and World Bank Forge "Rapid Response" Partnership
In a significant step toward bolstering the Kingdom's capacity to swiftly respond to emergencies and provide crucial support to its citizens, Morocco and the World Bank inked the "Rapid Response Option" (RRO) agreement on Monday. This milestone signifies a deepening of the long-standing partnership between the two entities and is a testament to Morocco's unwavering commitment to safeguarding its people in the face of unforeseen crises.
The accord was signed by Minister of Economy and Finance, Nadia Fettah, and the World Bank's Country Director for the Maghreb and Malta, Jesko Hentschel, during a working meeting attended by the World Bank's Vice President for the Middle East and North Africa (MENA) region, Ousmane Dione, who is on an official visit to Morocco from May 18 to 21.
The "Rapid Response Option" (RRO) represents a key component of the World Bank Group's expanded crisis preparedness and response toolkit, designed to enable client countries to deploy existing banking portfolio resources more efficiently and expeditiously during times of crisis.
Under this innovative agreement, Morocco can access up to 10% of its undisbursed balances from its portfolio with the World Bank Group for rapid response actions. This flexible resource reallocation mechanism provides the government with immediate liquidity to deliver essential services such as healthcare, shelter, and food to affected communities in the aftermath of disasters or emergencies.
This initiative further reinforces Morocco's resilience and capacity to manage and mitigate the impacts of crises, showcasing the government's steadfast commitment, under the Enlightened Leadership of His Majesty King Mohammed VI, to providing necessary protection to citizens in the face of various shocks.
Speaking on the occasion, Minister Fettah highlighted the pivotal dimension of the strategic partnership framework that characterizes the partnership relations between the Kingdom of Morocco and the World Bank, noting that the signed agreement "is unique and the first of its kind to be implemented in the MENA region."
Fettah's meeting with Dione is part of the ongoing efforts to strengthen the solid and long-standing partnership between the World Bank and Morocco. This marks Dione's first official visit to the Kingdom since assuming the role of Vice President for the MENA region on April 16, 2024.