EIB lends Morocco 1 billion euros to back reconstruction efforts

The European Investment Bank plans to lend Morocco 1 billion euros over the next three years in support of a reconstruction plan following the earthquake that struck on September 8.

The loan is completely aligned with Morocco’s ambitious national recovery program according to the priorities of the national authorities, the EIB said in a statement.

Funds will be used to repair damage from the earthquake and rebuild better, with a focus on resilient and sustainable infrastructure, leveraging the Bank’s resources and expertise, the EIB said.

The 7-magnitude tremor left nearly 3000 people dead, destroying many traditionally-built villages in the provinces of Al Haouz, Taroudant, Chichaoua and Ouarzazat. Its impact was felt as far as Casablanca and Rabat.

Morocco plans to mobilize 12 billion dollars to develop the affected areas with a population of 4.2 million people over the next five years.

So far, a fund created in response to the tremor gathered donations worth over 12 billion dirhams, as Morocco also plans to fund reconstruction from the government budget, local authorities’ resources, international development aid and loans.