Financial Protection Program against Natural Disasters: Strengthening the Financial Resilience of Morocco (WB-P175523)

  • Morocco
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Government of Morocco
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Climate and Environment
  • Technical Cooperation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Advisory Services
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Project Cost (USD)
$ 5.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ WB website

Updated in EWS Jun 15, 2022

Disclosed by Bank May 4, 2022

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank documents, the Project Objective is to strengthen the technical, operational and financial capacity of the Government of Morocco and the Solidarity Fund to respond to severe disasters and climate shocks, and alleviate their impact on the most vulnerable part of the population.

The project has three components:

Component 1: Climate Risk Understanding and Modeling (US$ 1.5 million). This component will support the flood modeling costs required to develop and validate parametricreinsurance-transaction-ready risk information and triggers. It will also raise awareness on drought risk, in the context of highly climate-change-susceptible assets (i.e., the agriculture sector) and given the lack of institutional capacity and understanding of potential contingent liability from climate risk. Finally, this component will support the development of a knowledge and e-learning platform involving the different DRF stakeholders to build their capacity over the long-term and leverage the knowledge sharing element of this activity.

Component 2: Systems Building (US$ 2.0 million). This component will support the building of a risk information and software infrastructure to allow for near real-time impact analysis, estimation of financial losses, and response. It will also further strengthen the operationalization of Law 110-14 and the various bodies set up by the law, as initially supported by the PforR. Finally, it will contribute to faster and more reliable financial compensations in the aftermath of a disaster, for the benefit of the population affected and the most vulnerable.

Component 3: Start-up costs associated with a flood market-based risk transfer solution (US$ 1.5 million). This component will support the transaction costs associated with a competitive, transparent, optimized risk transfer purchase and implementation, covering severe flood events and potentially other risks (earthquakes or droughts). It will cover communication (outreach), structuring, legal, contractual and execution costs of a placement that will aim to be widely open to quotes from a wide variety of (financially acceptable) markets. This includes a benchmark of financial vs reinsurance market parametric solutions, and a comparative analysis for basis risk minimization. It will be placed with the support of expert brokers specialized in parametric, derivate products, with experience relevant to the context of Morocco and flood products, and to be selected through competitive process. It may make use of domestic financial capacity if cost-effective and acceptable rating-wise. It will also include comprehensive validation of the parametric model by the broker to ensure that the policy/contract captures a wide range of possible future catastrophe scenarios and that the product ultimately operates as intended (basis risk minimization, use of markets best practices and lessons learned from international experience). This is also expected to generate additional confidence from the markets in the flood program being placed.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

World Bank:
Contact : Reda Aboutajdine Title : Financial Sector Economist
Telephone No : 1-202-894037
Contact : Antoine Bavandi Title : Senior Financial Sector Specia
Telephone No : 1-202-569515

Borrower : Department of Treasury
Contact : Abdeljalil El Hafre Title : Division Head - Insurance and Social Security
Telephone No : 00212673995411 Email :

Implementing Agencies:
Fonds de Solidarité contre les Évènements Catastrophiques
Contact : Abderrahim Chaffai Title : Director
Telephone No : 00212660107810 Email :

Implementing Agency:
Société Centrale de Réassurance
Contact : Youssef Fassi-Fihri Title : General Director
Telephone No : 00212661173185 Email : 


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The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing Information on how to file a complaint and a complaint request form are available at: 

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