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EU Bank Boosts Morocco Quake Aid to €1 Billion
6 Jun
Summary
- European Investment Bank provided an additional 500 million euro loan.
- The new loan brings total EIB financing for recovery to 1 billion euros.
- Funds will upgrade infrastructure in earthquake-affected areas.
The European Investment Bank (EIB), the EU's lending institution, has announced a new loan of 500 million euros to Morocco. This financing is specifically designated for upgrading infrastructure in regions that were severely affected by a major earthquake three years ago.
The 6.8-magnitude earthquake, which occurred on September 8, 2023, was the deadliest in Morocco since 1960. It resulted in over 2,900 fatalities and caused extensive damage to vital infrastructure and numerous villages, particularly in mountainous areas south of Marrakech.
With this latest 500 million euro loan, the EIB's total financial support for Morocco's earthquake recovery initiatives now amounts to 1 billion euros. The funds are earmarked to bolster essential public facilities, including roads, educational institutions, and healthcare centers, aiding the ongoing rebuilding process.
