The EU has pledged €190 million (approximately $200 million) to aid Morocco in rebuilding after the devastating earthquake of September 2023, the strongest in the country’s history. This loan will prioritize housing, healthcare, education, and local economies, raising total EU assistance for reconstruction to €1 billion. The earthquake resulted in nearly 3,000 deaths and over 6,000 injuries, prompting urgent recovery measures.
The European Union (EU) has announced a substantial loan of €190 million (approximately $200 million) aimed at the reconstruction and rehabilitation of areas in Morocco that were severely impacted by a catastrophic earthquake. This financial aid is specifically designated to facilitate the rebuilding of homes, the restoration of vital public services—including healthcare and education—and the revitalization of local economies. This earthquake, which struck Morocco in September 2023, is recorded as the most powerful in the nation’s history, registering a magnitude of 6.8, resulting in nearly 3,000 fatalities and over 6,000 injuries. With this latest funding, the EU’s total contributions for earthquake recovery efforts in Morocco will reach €1 billion, as confirmed by EU Commissioner for Neighbourhood and Enlargement, Oliver Varhelyi, during a recent press conference.
The earthquake in Morocco, occurring in September 2023, caused unparalleled devastation, prompting immediate international support for recovery efforts. The EU’s significant financial assistance reflects a broader commitment to help Morocco rebuild and restore essential services. With the agricultural sector facing a contraction and economic growth projected to decelerate to 2.8 percent in 2024, this aid is vital for economic stability and recovery within the affected regions. Additionally, other financial developments include a recent €200 million loan to the OCP Group to enhance water security through desalination projects.
In summary, the European Union’s investment of €190 million toward Morocco’s earthquake recovery underscores the critical need for support following the unprecedented disaster. With the total aid amounting to €1 billion, these efforts aim to restore public services and rebuild local infrastructure, playing a vital role in stabilizing the affected populations and reviving the economy amidst challenges. Such international support is essential for Morocco to navigate through this period of recovery and growth.
Original Source: www.agbi.com
