The World Bank has approved US$350 million in new funding to support the Moroccan government in supporting its blue economy program.
The bank said in a statement that “the program will provide new employment opportunities, ensure economic growth, ensure the sustainability and resilience of natural resources, and food security, which is becoming increasingly important due to the consequences of the war in Ukraine.”
The Blue Economy is a form of global effort to conserve marine life and create conditions for sustainable energy, marine life and the environment in the seas and oceans.
Jesco Henschel, Regional Director of the World Bank’s Morocco Department, said in a statement that “Morocco, with its coastline on the Mediterranean Sea and the Atlantic Ocean, has great potential to develop its blue economy.”
He explained that “Morocco’s coastal regions provide over 50 percent of the country’s GDP and employment opportunities, and there is a lot of untapped potential in existing and emerging sectors of the blue economy such as aquaculture, seaweed farming and renewable marine energy. .”
Source: El Iktisad
