World Bank Supports Morocco's Climate Policies With USD 350 Mln Loan

6/13/2023 7:17:32 PM

(MENAFN- Kuwait News Agency (KUNA)) WASHINGTON, June 13 (KUNA) -- The Board of Directors of the World bank approved on Friday, June 9, a USD 350 million loan to support Morocco's moves to combat climate change and improve resilience to the worsening climate impacts already being felt.
The Program promotes efforts to mainstream climate policies across government and strengthen coordination mechanism to accelerate the climate transition, the Bank said in a statement on Tuesday.
The Program complements and reinforces other World Bank engagements and financing to support the climate transition in the country at the sectoral level (including water, agriculture, social protection and health).
The new program will help the government accelerate the implementation of its Nationally Determined Contributions (NDC), that outlines the Kingdom's commitments to combat climate change through the reduction of its greenhouse gas emissions but also formulates its pledges to enhance its resilience to climate shocks.
The design of the program is guided by the recommendations that emanated from the Morocco's 2022 Country Climate and Development Report (CCDR), which identifies a series of guiding principles for urgent climate action, notably the need for a "whole of government" approach, a strong climate data system to inform decision-making, and the imperative to protect vulnerable groups and ecosystems against climate change.
"The new financing focuses on strengthening institutional and policy capacity for mainstreaming climate change into development policies and programs," said Jesko Hentschel, the World Bank's Country Director for the Maghreb and Malta.
"It will achieve this by improving the policy tools, systems, data management, and fiscal and financial institutions and strengthening coordination among various sectoral ministries and agencies," Hentschel noted.
"In this context, the program aims to enhance the climate resilience of vulnerable people and ecosystems. It will contribute to expand the health coverage of farmers and family members, who disproportionally exposed to climate-induced health risks," said Carole Megevand, Sector Leader for Sustainable Development for the Maghreb countries and Program Co-Leader at the World Bank.
"It will also protect and restore traditional oases, particularly vulnerable to climate change and deploy Nature-Based Solutions to tackle climate vulnerabilities," she pointed out.
Morocco has made substantial progress through sectoral programs, notably in the agriculture and energy sectors, with the new program now providing now also incentives to foster inter-sectoral coordination, the statement added. (end)
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