Morocco allocates US$382.89M to finance water supply in the country

MOROCCO – The Moroccan Ministry of Equipment and Water has announced an emergency plan to deal with the drought that is drying up rivers and curbing economic activities in the country.

At least US$382.89 million have been mobilized to build new dams and seawater desalination plants to curb drought in the country.

The funding is to mitigate the effect of water stress, the main consequences of drought in most parts of the country.

The drought has caused a drastic decrease in the filling rate of dams from 40.6% in 2021 to 34.1% in 2022.

As opposed to building eight such dams in a year that can no longer contain the urgency of the situation, part of the funding will be used to exploit non-conventional water sources to meet agricultural and household water demands.

Green Financing tops EBRD’s 2021 investments in Morocco

Meanwhile, European Bank for Reconstruction and Development’s (EBRD) has injected US$283.47 million in 10 projects carried out in Morocco in 2021.

This is more than half of the total investment funded green projects in the North African country.

Through its Green Economy Financing Facility (GEFF) and the Green Value Chain Program, the EBRD provided a total of US$118.23 to partnering banks.

The fund is to help small and medium-sized enterprises and companies invest in climate change mitigation and adaptation technologies.

Under European Fund for Sustainable Development (EFSD) program, EBRD has provided a US$13.43 million loan to pan-African mattress manufacturer Dolidol.

The funds will be used to support a recycling project aimed at transforming used polyethylene terephthalate (PET) bottles into polyester fibers for bedding products.

In 2021, the EBRD continued to promote foreign direct investment (FDI) and regional integration.

It participated in an environmental, social, and governance (ESG)-linked bond issued by Faurecia, to finance its operations in Morocco.

The Bank has also assisted 75 small and medium-sized enterprises (SMEs) through its advisory program with a special focus on digital technologies, women entrepreneurs, and green issues.

With the EBRD’s support, the Moroccan National Energy Regulatory Authority approved the country’s first-ever electricity grid code.

A key milestone in the liberalization of the electricity sector and the development of new renewable capacity.

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