EBRD Allocates €250 Mln to Support Morocco after Quake

The European Bank for Reconstruction and Development (EBRD) has announced the allocation of an initial response package of up to €250 million from 2023 to 2025, aimed at assisting Morocco in rebuilding its economy in the Atlas Mountain regions affected by the recent earthquake.

According to Heike Harmgart, the Regional Director of the European Bank for Reconstruction and Development for the South and East Mediterranean region, the EBRD is ready to support the affected communities and regions in Morocco. 

This support includes mitigating the negative effects of the earthquake on livelihoods, human capital, and infrastructure through a tailored plan that incorporates a mix of financing, grants, and technical assistance.

This initial operation, as outlined by the bank, consists of two main phases designed to promote sustainable recovery and comprehensive regional development.

The first phase, spanning from 2023 to 2025, will focus on providing relief to earthquake-affected individuals and micro, small, and medium-sized enterprises through partner financial institutions.

 Strong emphasis will be placed on economic empowerment for women, expanding liquidity support for infrastructure and municipalities as needed, and providing consultancy grants for micro, small, and medium-sized projects.

In the later stage, the European Bank for Reconstruction and Development will support the Moroccan government's long-term comprehensive development plan for regions such as infrastructure projects and broader economic opportunities for residents in affected areas.

The bank will concentrate on aiding micro, small, and medium-sized enterprises in accessing financing, supporting the revitalization of the tourism sector, agricultural value chains, and enhancing their resilience.

This will also involve improving municipal and key regional infrastructure and promoting economic diversification and human capital development through targeted investments and private sector advisory services.

This multifaceted operation will be closely coordinated with the Moroccan government and other relevant stakeholders from both the public and private sectors. It will be executed in collaboration with international partners and other donors.