The EU has provided a €190 million loan to Morocco for earthquake recovery. This funding is directed towards rebuilding homes, restoring public services, and revitalizing local economies following the September 2023 quake that resulted in nearly 3,000 deaths. With total aid now at €1 billion, Morocco also anticipates economic challenges, particularly in its agricultural sector, affecting growth projections.
The European Union (EU) has announced a loan of €190 million (approximately $200 million) intended for the reconstruction and rehabilitation of areas in Morocco devastated by a recent earthquake. This funding aims to support the rebuilding of homes, restoration of vital public services such as health and education, and revitalization of local economies, as reported by Morocco World News. The earthquake, which occurred in September 2023, was the most powerful in Morocco’s history, registering a magnitude of 6.8 and resulting in nearly 3,000 lost lives and over 6,000 injuries.
With this new loan, the EU’s total assistance for earthquake recovery in Morocco has risen to €1 billion. Oliver Varhelyi, the EU Commissioner for Neighbourhood and Enlargement, confirmed this figure during a recent press conference. Additionally, this month, the European Bank for Reconstruction and Development approved a €200 million loan to Morocco’s OCP Group, focusing on enhancing water security through new desalination projects. In terms of economic outlook, Morocco’s central bank has predicted a slowing economic growth rate of 2.8 percent for 2024, primarily due to a 7 percent contraction in the agricultural sector.
These developments underscore Morocco’s ongoing efforts to rebuild after the catastrophic event while addressing pressing economic challenges.
The commitment from the EU and other financial institutions reflects a collaborative approach to support Morocco in its recovery, ensuring essential services and livelihoods are restored in the affected regions.
On September 8, 2023, Morocco experienced a devastating earthquake measuring 6.8 in magnitude, marking the most severe seismic event in the nation’s recorded history. This tragic disaster caused extensive destruction, with devastating impacts on the population through fatalities and injuries. Recovery efforts and international support became crucial following this event, leading to significant financial commitments aimed at reconstruction and aiding communities in need. The EU’s recent loan represents part of a broader strategy to mobilize resources for recovery and development aimed at restoring normalcy in the affected areas. Economic challenges, notably in agriculture, add further complexity to the recovery process, underlining the significance of international assistance.
In summary, the EU’s provision of a €190 million loan signifies a critical step in the recovery efforts for Morocco following the severe earthquake in September 2023. With a focus on rebuilding infrastructure, restoring essential services, and boosting local economies, this funding represents part of a larger commitment of €1 billion aimed at facilitating a robust recovery. Furthermore, Morocco faces economic challenges, especially in agriculture, highlighting the need for sustained support and effective recovery strategies.
Original Source: www.agbi.com
