Morocco Secures $600 Million in World Bank Funding for Human Capital Initiative
Rabat – The World Bank has approved $600 million to finance the third and final phase of Morocco's human capital development program, designed to build national resilience.
The World Bank's announcement detailed that this final stage aims to focus on four key areas. These include strengthening the country's 'resilience to health risks, improving human capital during childhood, reducing poverty among the elderly, and bolstering climate risk management.'
The international body's Director for Maghreb and Malta Ahmadou Moustapha Ndiaye explained that this funding builds upon previous operations with the aim of solidifying Morocco's social protection framework.
As quoted in the statement, Ndiaye spoke of the significant progress Morocco has already achieved saying: 'Currently, the system is already helping around 75 percent of the population to have access to more affordable health care and over 40 percent of households to access cash transfers.'
He further explained that 'these reforms are designed to make the system more comprehensive, equitable, and efficient, particularly benefiting climate-vulnerable populations like farmers.'
The initiative comes at a critical time for Morocco, which has undergone numerous crises since 2020, including COVID-19, fluctuating commodity prices, inflation, a devastating earthquake, and prolonged droughts.
Read also: Morocco's Ambitious Modernization Agenda Looks Promising Despite Challenges
These challenges prompted the North African country to take steps towards bold reforms under its New Development Model framework, seeking to foster more inclusive and robust economic growth.
This third funding package is set to consolidate earlier achievements by enhancing governance structures, refining cash transfer mechanisms and pension systems, and strengthening disaster risk management protocols.
The program advances Morocco's goal of universal health coverage by expanding health insurance, modernizing healthcare services, and improving the distribution of medical professionals nationwide.
Previous funding rounds approved in 2022 and 2023 have already facilitated significant legislative advancements, including generalizing mandatory health insurance and launching a comprehensive social assistance program. Tags: Morocco Human Capitalworld bank
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