The World Bank on Thursday granted Morocco a loan of 275 million U.S. dollars to support the country's disaster risk management, said the Moroccon economy and finance ministry, Trend reports citing Reuters.
The loan was designed to help Morocco strengthen its capacity to manage financial impact of natural disasters and climate-related shocks.
The agreement about the loan was signed on Thursday by Moroccan Minister of Economy and Finance Mohamed Benchaaboun and Jesko Hentschel, director for the World Bank's department of the Maghreb and Malta.
The loan will be used to cover catastrophic risks, as Morocco has recently established a regime to tackle the consequences of catastrophic events, Benchaaboun said during the signing ceremony.
Hentschel said the loan is an insurance for Morocco against catastrophic events, adding that the World Bank is providing support to Morocco to face up to future risks linked to natural disasters.