Morocco - Economic Governance and Resilience to Climate Change Support Program (GRCCP) - Phase II

The proposed operation concerns an AfDB loan of EUR 181.8 million to the Kingdom of Morocco to finance the second phase of the Support Programme to Strengthen Economic Governance and Resilience to Climate Change (PGRCC). The PGRCC is a programme-based operation covering the period 2024-2026. The first phase, worth EUR 120 million, was approved on 26 June 2024 and has been fully disbursed. The PGRCC aims to actively support the Moroccan Government's economic reform programme, based on the New Development Model (NDM), which is the country's main development benchmark. The PGRCC is co-financed by the OPEC Fund, which has committed a total of EUR 200 million to the programme, half of which was allocated to the first phase. The remaining EUR 100 million will be used to finance the current second phase. Building on the first phase, the PGRCCII aims to consolidate the progress made and deepen ongoing reforms. The PGRCC II will maintain the components of Phase I, namely: Realising the economy's growth potential (Component 1) and supporting the transition to a sustainable and climateresilient growth model (Component 2).