Africa-Press. The European Investment Bank announced the provision of a loan amounting to 500 million euros (approximately $578 million) to Morocco to contribute to the reconstruction and rehabilitation of areas affected by the Al Haouz earthquake that struck the country in September 2023.
This funding is the largest loan the bank has granted to Morocco for post-disaster reconstruction and aims to support the Moroccan government’s efforts in rebuilding infrastructure, public facilities, and housing damaged in mountainous areas affected by the earthquake.
Officials stated that the loan will help finance projects that include the rehabilitation of roads, water and electricity networks, and educational and health facilities, in addition to supporting housing programs and the reconstruction of affected villages.
The European Investment Bank confirmed that the funding comes as part of a long-term partnership with Morocco, which is one of the largest beneficiaries of the bank’s loans in the Mediterranean region, focusing on projects in transportation, renewable energy, water, and development.
For its part, the Moroccan government confirmed that the reconstruction program is proceeding according to a multi-year plan with costs exceeding $11 billion, aimed at rebuilding affected areas and enhancing their resilience to future natural disasters.
The loan comes at a time when the Moroccan economy continues to show signs of recovery, supported by improved agricultural activity and investments in infrastructure, despite ongoing challenges related to rising financing costs and global economic fluctuations.
