Morocco: Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; Supplement; Staff Statement; and Statement by the Executive Director for Morocco

This paper presents Request for an Arrangement Under the Resilience and Sustainability Facility (RSF) for Morocco. The arrangement will support Morocco’ transition to a greener economy and help strengthen its preparedness and resilience against natural disasters, including from climate change. Climate change represents a major risk to Morocco’s development but also offers opportunities. Drought and water scarcity have become a major source of macroeconomic volatility, with particularly adverse impacts on agriculture, while the fallout from the recent earthquake points to the potential implications of natural disasters, including from climate change. The RSF will help Morocco boost investment in renewable energy, increase energy efficiency, strengthen resilience against natural disasters, green its financial sector, and tackle water scarcity. It will also help bolster Morocco’s external stability by reducing its dependence on imported energy and helping attract foreign direct investment. By achieving these objectives, and with continued support from other development partners, the RSF is expected to contribute to mobilize the private financing required to implement Morocco’s climate adaptation and mitigation efforts.