Morocco resorts to a new European loan of $578 million
The European Investment Bank announced the provision of a new loan to Morocco worth €500 million ($578 million) to support the reconstruction of areas affected by the Al Haouz earthquake, raising its total funding allocated for this operation to €1 billion, amid growing questions and criticisms regarding the management of funds directed to the affected and the progress of reconstruction projects nearly three years after the disaster. The bank, the financing arm of the European Union, clarified that the new funding will be allocated to support essential infrastructure, including roads, schools, and health facilities, in areas that suffered severe damage due to the earthquake that struck Morocco in September 2023, resulting in over 2,900 deaths and thousands affected.
