The World Bank Board of Directors on Thursday approved a 200 million dollars Program for Results operation to support Morocco's disaster risk management efforts.
The operation will reward the achievement of specific results in the way the government plans for and manages the risk of disasters, while also strengthening the country's ability to cope with the costs of potential damages, World Bank Maghreb office in Rabat said in a statement.
Exacerbated by climate change, the impact of natural disasters on Morocco's economy amounts to an average of 800 million dollars per year and causes significant human casualties, the source added.
The Integrated Disaster Risk Management and Resilience operation approved on Thursday aims at introducing a comprehensive approach to managing natural disasters by combining institutional reforms with disaster risk-reduction investments and the introduction of a catastrophe risk insurance program.
"The increased frequency and intensity of natural disasters are a real and present threat to development outcomes globally, and Morocco is no exception," said Marie Francoise Marie-Nelly, World Bank Maghreb Country Director.
"In addition to damaging vital infrastructure, natural hazards can wipe out people's assets and their livelihoods. The poorest are most at risk. Morocco has committed to put resilience squarely at the center of its policies and investments, and we are glad to have been able to contribute to this endeavor."