The EU will provide a €190 million loan to Morocco for earthquake recovery efforts, focusing on housing, public services, and local economies. This aid increases the total reconstruction support to €1 billion. The earthquake, measuring 6.8 in magnitude, had a catastrophic impact, resulting in thousands of casualties.
The European Union (EU) has announced a €190 million ($200 million) loan aimed at facilitating the recovery efforts in Morocco following the devastating earthquake that struck the country in September 2023. This financial assistance will focus on reconstructing housing, restoring vital public services including healthcare and education, as well as revitalizing the local economies impacted by the disaster. The earthquake, registering a magnitude of 6.8, resulted in nearly 3,000 deaths and over 6,000 injuries, marking it as the strongest quake in Morocco’s recorded history. EU Commissioner for Neighbourhood and Enlargement, Oliver Varhelyi, stated that this loan will contribute to a total of €1 billion in aid for earthquake reconstruction in Morocco. Furthermore, the European Bank for Reconstruction and Development recently approved another €200 million loan to the OCP Group, Morocco’s key phosphate fertiliser producer, aimed at improving water security through new desalination facilities. In light of these developments, Morocco anticipates a slowdown in economic growth, projected at 2.8 percent for 2024, largely due to a significant contraction within the agricultural sector.
The recent earthquake that struck Morocco is unprecedented in its scale and impact, prompting both national and international responses to aid in recovery. The European Union’s involvement signifies a robust commitment to supporting Morocco, not only through financial assistance but also through collective efforts to revive communities devastated by such natural disasters. As Morocco prioritizes rebuilding and restoring stability to its affected areas, the focus on infrastructural and economic restoration becomes critical, especially with projections indicating a slowed economic growth rate.
In summary, the EU’s €190 million loan signifies an important step towards the reconstruction and rehabilitation of areas severely affected by the September 2023 earthquake in Morocco. This financial support highlights a coordinated international effort to restore not only physical structures but also vital services and economies. As Morocco faces challenges with projected economic growth, these measures are crucial for ensuring a sustainable recovery and stability in the region.
Original Source: www.agbi.com
