Morocco’s special earthquake reconstruction fund hits $2 bln milestone

The special fund launched to finance reconstruction efforts in quake-hit areas is about to hit the $2 billion milestone or 20 billion dirhams, central bank governor said.

The earthquake that hit on September 8 claimed 3000 lives and shattered many villages in the western High Atlas.

Up to Dec 15, the fund had 19 billion dirhams and more funds from international donors are on their way, central bank governor Abdellatif Jouahri said.

Morocco said it would spend $12 billion on reconstruction and the upgrade of infrastructure in the quake-hit areas.

It has started distributing reconstruction aid to households whose houses were partly or completely destroyed by the 6.8 magnitude quake.

Jouahri had said that the impact of the quake on the economy was very minimal at 0.2% of GDP.