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European investment bank to offer Morocco $1 billion euro loan

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European investment bank to offer Morocco  billion euro loan
© Reuters. FILE PHOTO: People work next to damage in the city of Marrakech, following a powerful earthquake in Morocco, September 9, 2023. REUTERS/Abdelhak Balhaki/File Photo

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MARRAKECH (Reuters) – The European Investment Bank said on Wednesday it will lend Morocco 1 billion euros ($1.06 billion) over the next three years to support the north African country’s reconstruction efforts after a September earthquake.

The loan was announced by EIB Vice President Ricardo Mourinho Felix after a meeting with Morocco’s budget minister Fouzi Lekjaa in Marrakech on the sidelines of the IMF-World Bank annual meetings.

The earthquake that struck on Sept. 8 killed nearly 3,000 people and damaged 60,000 homes, mostly in the High Atlas (NYSE:ATCO) mountains.

Overall, Morocco plans to spend $12 billion on a post-earthquake reconstruction plan that includes the upgrade of infrastructure over the next five years.

Source: Investing.com

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