The World Bank Board of Directors today approved a US$ 200 million Program for Results operation to support Morocco’s preparedness to respond to natural disasters. The operation will reward the achievement of specific results in the way the government plans for and manages the risk of disasters, while also strengthening the country’s ability to cope with the costs of potential damages.
Exacerbated by climate change, the impact of natural disasters on Morocco’s economy amounts to an average US$ 800 million per year and causes significant human casualties.
The Integrated Disaster Risk Management and Resilience operation approved today aims at introducing a comprehensive approach to managing natural disasters by combining institutional reforms with disaster risk-reduction investments and the introduction of a catastrophe risk insurance program.
The operation will build Morocco’s resilience by supporting the development of a “national resilience fund” which aims to promote investments in projects – both at the national and local level – that will better prepare Morocco for and help manage the impact of future potential disasters.
This will be complemented with the introduction of a national catastrophe risk insurance program aimed at better protecting citizens, including the most vulnerable ones, and businesses against natural disasters.
The operation, which brings together a number of development partners including the Swiss government, will cover risks ranging from floods, droughts, tsunamis, landslides and earthquakes.
Through the promotion of a participatory approach, it will also ensure the involvement of local populations in disaster preparedness, by instituting a system of citizen feedback and grievance redress, as well as build on Morocco’s decentralization agenda by targeting local communities to strengthen risk management practices at the local level.