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A US $350 million loan for Morocco has been approved by the World Bank to support the country’s Blue Economy program- Blue Economy Program for Results (PforR)aiming to support the development of accommodative legal frameworks for the Blue Economy and to attract investments.
A US $350 million loan for Morocco has been approved by the World Bank to support the country’s Blue Economy program- Blue Economy Program for Results (PforR)aiming to support the development of accommodative legal frameworks for the Blue Economy and to attract investments. Morocco’s Blue Economy potential is well acknowledged in the New Development Model. It has been estimated that the country’s Blue economy has the potential for developing coastal clusters that attract investments and generate employment.
The loan is expected to boost the sector’s resilience particularly in the light of climate change and contribute to national food security. The Financing support will be used for developing institutional frameworks and also strengthen the management of natural resources.
Commenting on the loan, World Bank Maghreb Country Director, Jesko Hentschel, observed that bordered by the Mediterranean Sea and the Atlantic Ocean, Morocco has a strong potential for developing the Blue Economy. According to statistics,Morocco’s coastal areas contribute to more than 50% of GDP and jobs in the country. A lot of untapped potential existed in sub-sectors including aquaculture, seaweed farming, and renewable marine energy.
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