Yesterday, Thursday, the Executive Board of the International Monetary Fund approved a loan worth $1.3 billion to Morocco from the Resilience and Sustainability Fund.

The International Financial Corporation stated, in a statement, that this financing “will support Morocco’s transition towards a more environmentally friendly economy, and will contribute to strengthening its preparedness and ability to withstand natural disasters, especially those linked to climate change.”

It will also help, according to the same source, “to enhance Morocco’s resilience in the face of climate change and seize the opportunities of decarbonization.”

According to the International Financial Corporation, based in Washington, this financing, extending over 18 months, will enable strengthening the preparedness of the Moroccan authorities to confront natural disasters and promoting sustainable financing.

The Director General of the International Monetary Fund, Kristalina Georgieva, highlighted in a statement to the Maghreb Arab Press that the international financial institution signed an expert-level agreement with Morocco for long-term financing worth $1.3 billion, directed to strengthening the Kingdom’s ability to mitigate the repercussions of climate change.

Georgieva added that climate change is among the major challenges facing the international community.