The European Investment Bank has committed to injecting 100 million euros into the strategic budget of “Morocco’s Forests 2020-2030”, within the framework of a financing contract signed in initials on Thursday by the Minister in charge of the Budget, Faouzi Lakjaa, and Lionel Rapaille, Director of Operations at the European Investment Bank in countries neighboring the European Union, in the presence of Abdel Rahim Homi, Director General of the National Water and Forest Agency.
This contract falls within the framework of existing cooperation between Morocco and the European Investment Bank and covers the period between 2024 and 2028.
This funding revolves around three main components. The first component relates to supporting plans to develop water basins to rehabilitate forests, reduce erosion, and preserve water resources and soil fertility.
It also includes reforestation, supported natural regeneration, mechanical erosion control, gully revegetation and opening or repair of forest paths.
The second component includes preserving biodiversity and valuing ecotourism in national parks, while preserving and rehabilitating habitats and species, as well as developing appropriate infrastructure and promoting ecotourism.
As for the third component, it was allocated to technical assistance to the National Water and Forest Agency in preparing and implementing the project, and supporting the chains, with a grant to facilitate investment in countries neighboring the European Union.
It is noteworthy that Morocco pledges to reduce greenhouse gas emissions by 45.5 percent by 2030, and move towards developing clean and renewable energies.