Is World Bank funding driving Morocco's digital and climate transformation?
A step aimed at accelerating the implementation of Morocco's Digital Strategy 2030
Written by: Mohammed Omran
The World Bank has approved a new $650 million financing package to support digital transformation and enhance resilience to climate change in MoroccoIn a move aimed at accelerating the implementation of Morocco’s Digital Strategy 2030 and raising the country’s readiness to face environmental and economic risks, the funding includes two main programs that focus on developing digital services, stimulating innovation, and supporting startups, in addition to strengthening financial protection tools against disasters and cyber risks and attracting private investments in sustainable infrastructure projects.
Is World Bank funding driving Morocco's digital and climate transformation?
The World Bank reported that two new programs currently being implemented will contribute to accelerating the achievement of digital transformation goals in Morocco, while strengthening its financial capacity to cope with climate, disaster and cyber risks.
The financial institution added that the $250 million Digital Transformation Acceleration Program in Morocco will provide incentive financing to support the national strategy “Digital Morocco 2030”.
The World Bank supports digital and climate transformation.
The program specifically aims to accelerate the deployment of user-oriented digital public services, support the transition of departments to cloud computing systems, enhance the startup environment, encourage innovation in artificial intelligence, support the digital transformation of small and medium enterprises, create job opportunities in the outsourcing sector, and expand the digital talent base.
A step aimed at accelerating the implementation of Morocco's Digital Strategy 2030
This program was developed in close collaboration with the Moroccan government, with a focus on promoting the participation of youth and women in the digital economy, and is expected to achieve tangible results by 2031. It also aims to improve access to priority public services through a unified national portal, reducing the need for traditional administrative procedures and enhancing user satisfaction.
The same source indicates that, thanks to government-backed risk-sharing mechanisms, the program is expected to mobilize around $200 million of private capital to finance startups and digitize small and medium enterprises.
The second program, dedicated to climate and risk financing in Morocco, aims to mobilize $400 million to strengthen the Kingdom’s financial capacity to cope with climate, disaster and cyber risks, as well as attract private capital to green infrastructure.
The program includes creating tools to insure against cyber risks and disasters, strengthening institutional frameworks, improving digital payment infrastructure to accelerate financial flows after shocks, and building the capacity of financial regulators to oversee climate and cyber risks facing banks and insurance companies.
To facilitate investment in climate infrastructure, the program will also establish a project preparation facility aimed at developing a package of commercially viable projects in the areas of renewable energy, energy efficiency, sustainable transport and water infrastructure.
