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WB: $ 275 million deal for natural disasters

A development policy agreement with a deferred drawdown option for risks related to natural disasters in the amount of $ 275 million was signed on Thursday in Rabat by the Minister of the Economy, Finance and administrative reform, Mohamed Benchaâboun, and the director of the Maghreb and Malta department of the World Bank, Jesko Hentschel.

Speaking at the signing ceremony, Benchaâboun explained that this agreement relates to a $ 275 million precautionary line which can be used in the event of a catastrophic event and which constitutes a guarantee for Morocco, making to know that this line intervenes within the framework of the structuring of the system which manages the catastrophic events in the country, through the establishment of a regime of cover of the consequences of catastrophic events, which entered into force on January 1, 2020.

This scheme, which covers the entire Moroccan population, consists of an insurance component for the benefit of people holding an insurance contract and a benefit component for the benefit of people without coverage, who will benefit from the Solidarity fund against catastrophic events, said the minister, adding that this fund which is fed by the state budget to the tune of 800 million dirhams, will be supplemented by 275 million dollars from the precautionary line.

For its part, Hentschel praised the quality and diversity of the cooperation relations between Morocco and the World Bank, welcoming the efforts made by Morocco at the institutional level to cover and manage the consequences of catastrophic events, notably through the creation of the Solidarity Fund against catastrophic events.

Regarding the precautionary line, he noted that it is an insurance for Morocco against catastrophic events, adding that the World Bank is providing support to Morocco to face the future risks linked to natural disasters taking into account climate change, which is very important for the future of the country.

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