The World Bank’s Board of Directors has approved the $400 million Morocco Climate & Risk Finance Program, aimed at strengthening Morocco’s financial resilience to climate, disaster, and cyber risks, while helping to unlock private capital for the country’s climate infrastructure development.
According to the World Bank, the program will develop disaster and cyber insurance instruments to expand risk transfer capacity; strengthen institutional frameworks; reinforce digital payments infrastructure to accelerate the flow of finance following shocks; and build the capacity of financial regulators to oversee climate and cyber risks affecting banks and insurers.
“Together, these will shield households, firms, and the financial sector from increasingly threatening risks,” the World Bank explained.
To facilitate investment in climate infrastructure, the program will establish a Project Preparation Facility to help build a pipeline of commercially viable projects across renewable energy, energy efficiency, sustainable transport, and water infrastructure.
It also aims to de-risk private investment through blended finance structures and capital market instruments, to mobilise private capital for climate-aligned infrastructure at scale.
The World Bank continued, “Over the next five years, the program aims to mobilise up to $400 million in private capital, put in place $1 billion in pre-arranged disaster financing, and extend cyber risk coverage to at least 20 financial entities, whilst helping bring a new generation of climate infrastructure projects to market.
“Enabling long-term capital for climate action will build a pipeline of climate-aligned infrastructure projects with potential for private-sector participation, establish the institutional and financing architecture to prepare them, and design de-risking instruments to crowd in private capital.”
The World Bank’s Board of Directors also approved a second initiative, the $250 million Morocco Digital Transformation Acceleration Program.
This, according to the World Bank, will provide catalytic financing supporting the national Digital Morocco 2030 strategy.
“It will accelerate the deployment and adoption of user-centric public digital services for citizens and businesses, support the government’s transition to cloud systems, strengthen financing and capacity-building for the startup ecosystem, advance AI innovation, support the digital transformation of micro, small, and medium enterprises (MSMEs), create jobs in the offshoring sector, and expand the digital talent pool,” the World Bank added.
Ahmadou Moustapha Ndiaye, Division Director for the Maghreb and Malta at the World Bank, said, “These two new programs address critical pillars of Morocco’s transformation priorities, a digitally empowered economy, a vibrant innovation ecosystem, and a financially resilient nation equipped to manage the climate, disaster, and cyber risks of a rapidly changing world.
“Together, these programs will support an integrated architecture for Morocco’s next decade — one that mobilises private capital, creates jobs for youth and women, and advances the country’s climate commitments.”
