€500 Million Lifeline: European Investment Bank Backs Morocco’s Earthquake Recovery
Rabat, Morocco - In a powerful display of solidarity, the European Investment Bank (EIB) has pledged €500 million to support the reconstruction of areas devastated by the recent earthquake in Al Haouz, Morocco. This initial installment represents half of a €1 billion commitment aimed at rebuilding critical infrastructure and revitalizing communities shattered by the disaster.
The agreement, signed in Rabat by Fouzi Lekjaa, Morocco’s Minister Delegate to the Minister of Economy and Finance, and EIB Vice-President, Ioannis Tsakiris, marks a crucial step towards recovery. The ceremony was attended by key figures including Khalid Ait Taleb, Minister of Health and Social Protection, and Chakib Benmoussa, Minister of National Education, Preschool and Sports, underscoring the collaborative spirit driving the initiative.
This funding injection will be implemented in two phases over the next five years. The initial phase will focus on rebuilding essential infrastructure, including roads and key transportation routes. The second phase will support the Moroccan government’s broader vision for comprehensive rehabilitation, fostering a model of integrated and balanced regional and socio-economic development.
“This financial partnership is part of our commitment to mobilize the resources needed to rebuild essential infrastructure and public services in the areas affected by the earthquake,” stated Lekjaa, emphasizing the government’s dedication to a multi-faceted recovery strategy.
Echoing this sentiment, Tsakiris highlighted the profound impact of the funding. “This will not only restore vital services in the hardest-hit areas but also help rebuild modern, resilient, and environmentally friendly infrastructure,” he remarked.
The EIB’s commitment extends beyond immediate reconstruction, aiming to create a brighter future for affected communities. “Our goal is to enable the people in the affected areas to regain decent living conditions by benefiting, in particular, from modern schools, roads, and hospitals that meet the best international standards,” Tsakiris added. He emphasized the project’s alignment with the EIB’s climate priorities and the United Nations Sustainable Development Goals.
Benmoussa underscored the transformative potential of the project, stating, “This project aims to improve the living conditions of the population in the affected areas by restoring public services and stimulating economic recovery, as well as rebuilding and modernizing vital infrastructure such as schools, hospitals, and roads damaged by the earthquake.”
The initiative prioritizes building back better, focusing on sustainable and climate-resilient infrastructure that aligns with the Green Partnership between Morocco and the European Union. This approach ensures that rebuilt communities are better equipped to withstand future challenges.
Ultimately, this collaborative effort between Morocco and the EIB will contribute to the creation of more resilient and efficient infrastructure, advancing the Sustainable Development Goals, particularly those related to quality education (Goal 4), good health and well-being (Goal 3), and climate action (Goal 13).
