Morocco: EIB, the EU bank, commits €1 billion to rebuild infrastructure following Al Haouz earthquake

• The EIB, the bank of the European Union (EU), has signed a €500 million loan, the first tranche of the €1 billion granted to support the reconstruction of the Moroccan regions hit by the earthquake of 8 September 2023.
• This funding is backed by an EU guarantee and will help restore key infrastructure in the education, health and transport sectors while integrating enhanced seismic standards and sustainable energy solutions.
• This support is part of the overall reconstruction programme launched by the Moroccan government to regenerate the affected areas.

On 10 October 2024, the European Investment Bank (EIB) announced the signing of an agreement with the Moroccan Ministry of Economy and Finance, in the presence of representatives of the Ministry of National Education, Pre-School and Sport, the Infrastructure and Water Ministry, and the Health Ministry, for an amount of €500 million (around MAD 5.4 billion). This is the first tranche of a total loan amount of €1 billion to help rebuild public infrastructure in the regions affected by the earthquake of 8 September 2023.

This commitment reflects the EIB's firm support for the Kingdom of Morocco in its rehabilitation of vital infrastructure and regeneration of disaster-stricken areas.

This support forms part of the Kingdom of Morocco’s overall reconstruction programme, which focuses on three priorities: rehabilitation of schools, hospitals and road networks in the worst affected areas; improvement of seismic standards to ensure greater resilience to disasters; and integration of sustainable energy solutions to enhance climate change adaptation and energy efficiency, in line with the priorities of the EU-Morocco Green Partnership.

This support also includes a technical assistance grant dedicated to the project’s implementation in order to reinforce the structure of the programme and ensure that the reconstruction is sustainable.

The project is in line with the climate priorities of the EIB as a climate bank and with the Sustainable Development Goals (SDGs). It will contribute to the reconstruction of more resilient and efficient infrastructure and the achievement of the SDGs, including quality education (SDG 4), good health and well-being (SDG 3), and climate action (SDG 13).

“This unprecedented funding for Morocco is a concrete example of our commitment to supporting our partners in times of crisis. After the tragedy of the earthquake and the remarkable efforts already made by the Kingdom of Morocco, this funding will not only restore vital services in the hardest hit regions, but will also help rebuild modern, resilient and green infrastructure. Our aim is for people in disaster-stricken areas to be able to return to decent living conditions, including modern schools, roads and hospitals that meet the highest international standards. The EIB stands with Morocco to ensure that reconstruction is sustainable and beneficial for future generations,” said EIB Vice-President Ioannis Tsakiris.

This funding comes under the high-quality partnership between the EIB and the Kingdom of Morocco. The EIB thus reaffirms its commitment to supporting Morocco in its green transition, promoting inclusive socioeconomic development and strengthening resilience to future challenges, including natural disasters. This agreement illustrates the mutual trust between Morocco and the EIB, and their joint determination to achieve long-term sustainable development goals.

Background information

European Investment Bank

The EIB has been a key partner for Morocco for more than 40 years. It finances the development and implementation of important projects in vital sectors of the Moroccan economy such as business support, agriculture, water and sanitation, education, health, transport and renewable energy.

EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance. It is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to local people, companies and institutions through its offices around the world.