Morocco will receive a 100-million-euro (about 110 million U.S. dollars) loan from the European Investment Bank (EIB) to help implement its strategy for boosting water and forestry sector resilience, the Moroccan news agency MAP reported Thursday.

The loan agreement was signed in the kingdom's capital Rabat by Fouzi Lekjaa, the Moroccan minister delegate in charge of the budget, and the director of Operations at the EIB, Lionel Rapaille, MAP said.

The funds will be used to modernize and enhance the competitiveness of the water and forestry sector in Morocco, with a focus on climate change adaptation and biodiversity promotion, it said.

The EIB announced on Oct. 11 that it will grant Morocco 1 billion euros in loans over the next three years.