USD 300 Million for Morocco’s Green Growth Program Okay’d

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Last week, World Bank’s board of governors the budget for the Green Growth Program ofUSD 300 Million for Morocco’s Green Growth Program Okay’d the Kingdom of Morocco amounting USD 300 Million. This will be used for the promotion of revenue diversification in rural Morocco, improve the management of natural resources and encourage a shift towards low carbon growth.
WB Director for Maghreb department stated that the country is putting the green agenda at the forefront of its development priorities to secure a resilient and strong economy providing opportunities to vulnerable populations
The Program will introduce sustainable practices in agriculture and develop new sectors such as eco-tourism and aquaculture which have the potential to create jobs and diversify revenues in rural areas, where 70 percent of Morocco’s poor live.
The Program will also improve the management of coastal and marine assets to alleviate the growing pressures on Morocco’s coastline. Water resource management is a key challenge for Morocco and the Program will regulate groundwater abstraction and improve the existing Water law.
As climate change is already shaping key policy and investment decisions, particularly in areas such as agriculture and water resource management, green growth program will provide set of measures aimed at reducing the country’s pollution levels, dependence on fossil fuels, and the total envelope allocated to energy subsidies. Along the environmental measures, the social and economic impact on the population, especially in rural areas where dependence on natural assets is critical, is the substrate of all green growth policies.
Experts said that Morocco’s shift to green growth is a homegrown strategic agenda, deeply rooted in the minds of policymaker.