Rabat: A ceremony was held Friday in Rabat to commemorate the signing of the second phase of the ‘Morocco Post-Earthquake Reconstruction’ program, worth £500 million, under the chairmanship of Minister Delegate in charge of the Budget Fouzi Lekjaa, European Investment Bank (EIB) Vice-President Ioannis Tsakiris, and EU Ambassador to Morocco Dimiter Tzantchev.

According to Agence Marocaine De Presse, this phase is part of a £1 billion EIB financing package supporting reconstruction efforts in regions affected by the September 8, 2023, earthquake. It is backed by the European Union under the EFSD+ program and benefits from an EU guarantee.

Lekjaa highlighted the long-standing partnership between Morocco and its European partners, while Tzantchev emphasized cooperation aimed at rebuilding critical infrastructure and strengthening resilience to earthquakes and climate change. He stated that the EU will also support the High Atlas Development Agency through technical expertise to improve infrastructure resilience and integrate high environmental and social standards.

The 2023-2025 phase of the program focused on emergency interventions, including the reconstruction of schools and health centers, restoration of road networks, and reopening isolated areas to quickly restore essential services. The 2026-2030 phase seeks to accelerate development through the modernization of road infrastructure, improvement of education and health services, and reinforcement of climate resilience in affected territories.

Officials reaffirmed their commitment to deepening Morocco-EU-EIB cooperation and exploring additional financing for sustainable development projects in the Kingdom. The EIB has supported Morocco since 1979, with cumulative financing approaching £11 billion. Since 2016, over £4.7 billion has been mobilized for major projects including Tanger Med Port, the Rabat and Casablanca tramways, and the national motorway network.