The Executive Board of the International Monetary Fund (IMF) approved on Thursday a loan worth $1.3 billion to Morocco from the Resilience and Sustainability Trust (RST), according to Reuters.
Reuters reported, citing informed sources, that “the loan, worth $1.3 billion, came to strengthen the Kingdom of Morocco’s ability to withstand climate-related disasters.”
Morocco had requested money from the new RST, which was established in 2022, before the devastating earthquake, which killed more than 2,900 people.
The approval came a few weeks before Morocco hosts the annual meetings of the International Monetary Fund and World Bank in Marrakesh.
Moroccan media reported more than a week ago, citing IMF Director Kristalina Georgieva, that the Fund “signed an agreement with Morocco at the expert level, for long-term financing worth $1.3 billion, to enhance the Kingdom’s ability to mitigate the repercussions of climate change.”
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