May 21, 2024
Aljiha Post
Morocco and the World Bank (WB) signed the Rapid Response Option (RRO) agreement today, a significant step in enhancing the Kingdom’s capacity to swiftly address emergencies and provide crucial support to its citizens.
The agreement was signed by Nadia Fettah, Minister of Economy and Finance, and Jesko Hentschel, the World Bank Country Director for the Maghreb and Malta. The signing took place on the sidelines of a working meeting with Ousmane Dione, World Bank Vice President for the Middle East and North Africa (MENA), who is on an official visit to Morocco from May 18 to 21.
The RRO forms a key part of the World Bank Group’s expanded crisis preparedness and response toolkit. It is designed to allow client countries to more effectively and rapidly deploy resources from their existing banking portfolio during crises.
This initiative bolsters Morocco’s resilience and capacity to manage and mitigate the impacts of crises. It underscores the government’s commitment, under the enlightened leadership of King Mohammed VI, to protect citizens from various shocks.
Minister Fettah highlighted the strategic importance of the partnership between Morocco and the World Bank, noting that the agreement “is unique and the first of its kind to be implemented in the MENA region.”
Dione’s visit, his first official trip to Morocco since becoming Vice President for the MENA Region on April 16, 2024, is aimed at reinforcing the long-standing and robust partnership between the World Bank and Morocco.
