Morocco, AfDB Sign Three Financing Agreements Worth Over $281 Mln
16:14 24.10.2023 (Updated: 16:15 24.10.2023)
Morocco and the African Development Bank (AfDB) signed three financing agreements on Tuesday in Rabat, worth over 2.9 billion dirhams (about $281 million) on inclusive access to health infrastructure, support for the generalization of social coverage and emergency assistance for the Al Haouz earthquake.
The first agreement, for the financing of the support program for inclusive access to health infrastructures (PAAIIS), covers an amount of around MAD 1.3 billion ($127 million), and the second concerns the financing of the support program for the generalization of social security coverage to improve employability (PAGSC-II), worth around MAD 1.6 billion ($158 million).
The 3rd agreement covers the financing of emergency assistance for the Al Haouz earthquake, in the amount of around 10.35 million dirhams ($1 million).
On September 9, a 6.9-magnitude earthquake hit Morocco 77 kilometers (48 miles) southwest of the city of Marrakesh with a population of 839,000 people.
The earthquake, which claimed almost 3,000 lives and injured over 5,000 people, prompted the government to launch an $11.7 billion (MAD 120 billion) initiative to restore and rebuild the impacted regions. The five-year program will reportedly cover six regions of the country with a total population of about 4.2 million people.
The African Development Bank is seen as a key contributor to Morocco's development. Notably, the organization secured over €400 million in funding for healthcare and the establishment of an environmentally-friendly road network in the country.