Morocco and the World Bank (WB) signed the “Rapid Response Option” (RRO) agreement this Monday in Rabat, marking a significant step in the Kingdom’s ability to swiftly respond to emergencies and provide crucial support to its citizens.
Signed by the Minister of Economy and Finance, Nadia Fettah, and the WB Country Director for the Maghreb and Malta, Jesko Hentschel, this agreement was concluded on the sidelines of a working meeting with the WB Vice President for the Middle East and North Africa (MENA), Ousmane Dione, who was visiting Morocco from May 18 to 21.
The RRO is a key component of the World Bank Group’s expanded crisis preparedness and response toolkit, designed to enable client countries to more effectively and rapidly deploy resources from their existing bank portfolio during times of crisis.
Under this innovative agreement, Morocco can access up to 10% of the undisbursed balances of its portfolio with the World Bank Group for rapid response actions. This flexible resource reallocation mechanism provides the government with immediate liquidity to deliver essential services such as healthcare, shelter, and food to affected communities after disasters or emergencies.
This initiative further strengthens Morocco’s resilience and capacity to manage and mitigate the impacts of crises, demonstrating the government’s commitment, under the enlightened leadership of His Majesty King Mohammed VI, to providing necessary protection to citizens against various shocks.
Speaking on this occasion, the Minister highlighted the important dimension of the strategic partnership framework characterizing the partnership relations between the Kingdom of Morocco and the World Bank, noting that the signed agreement “is unique and the first of its kind to be implemented in the MENA region.”
Minister Fettah’s meeting with Mr. Dione is part of strengthening the WB’s strong and longstanding partnership with the Kingdom. This is Mr. Dione’s first official visit to Morocco since he assumed the position of Vice President for the MENA region on April 16, 2024.
