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The International Monetary Fund (IMF) approved a USD 415 mn disbursement to support Morocco’s transition to a greener economy, according to a press release. This comes as a part of the Resilience and Sustainability Facility (RSF), which now totals USD 747 mn for Morocco.
This has been in the works: The IMF’s Executive Board signed off on a USD 1.3 bn RSF arrangement for Morocco last year. The IMF had reached a staff-level agreement with Morocco last month on the loan. The arrangement follows a separate USD 5 bn Flexible Credit Line arrangement approved (pdf) in April 2023 in response to slowed growth and raised inflation due to severe drought and spillovers from Russia’s invasion of Ukraine.
That’s not all: The World Bank is also set to approve a USD 250 mn financing package aimed at transforming Morocco’s municipal solid waste sector, Morocco World News reported. The financing package will fund Morocco’s Municipal Solid Waste Management Program, aligning with the National Household Waste Recovery Program. The program includes upgrading landfills, developing new waste recovery infrastructures, and closing abandoned sites to improve environmental conditions
Morocco isn’t alone: Negotiations started for Egypt to access USD 1.2 bn in green financing from the IMF’s RSF in May. The USD 8 bn expanded facility agreement in March paved the way for the country to apply for the additional low-cost climate financing.
