EBRD provides €120 million loan for Morocco Saïss Water Conservation Project
July 3, 2017
The European Bank for Reconstruction and Development (EBRD) is providing a €120 million loan to the Saïss Water Conservation Project in Morocco that will help protect the country’s agricultural sector from the impact of climate change.
The EBRD’s financing for the project for the construction of irrigation infrastructure is being supported by a co-financing grant of €32 million from the Green Climate Fund (GCF).
In Morocco, extreme water scarcity is being exacerbated by the impacts of climate change, and the unsustainable use of groundwater is leading to a reduction in groundwater reserves, posing a severe threat to agricultural production and rural livelihoods.
The Bank’s investment in the Morocco Saïss Water Conservation Project will improve climate resilience with support for the development of a transformative water transfer scheme that will deliver more than 100 million cubic metres of irrigation water to the Saïss plain each year.
It will enable a switch from highly unsustainable groundwater to the use of sustainable surface water resources, as well as improving access to best-practice and efficient irrigation techniques.
The GCF is a unique global initiative responding to climate change by investing in low-emission and climate-resilient development. It was established by 194 governments to limit or reduce greenhouse gas emissions in developing countries and to help adapt vulnerable societies to the impacts of climate change.
Morocco is a founding member of the EBRD and became a country of operations in 2012. To date, the Bank has invested about €1.2 billion in 30 projects in the country.