Shimaa Hefzy

Morocco on Thursday signed a €100 million ($110.7 million) financing agreement with the European Investment Bank, focusing on climate change adaptation and biodiversity promotion, the Moroccan news agency reported.

Morocco, which is suffering from record-high inflation, was hit on September 8 by the strongest earthquake in nearly a century, killing nearly 3,000 people and injuring more than 5,600 others.

The International Monetary Fund has approved $1.3 billion in financing over 18 months to help Morocco adapt to climate change, address climate vulnerabilities, and enhance its resilience to climate change, in the wake of the earthquake.

The funding from the European Investment Bank will contribute to supporting plans to prepare water basins for forest rehabilitation and reforestation, according to the agency.

(Prepared by: Shaimaa Hefzy, for communication: zawya.arabic@lseg.com)

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