The European Investment Bank (EIB) pledged 1 billion euros over the next three years to support Morocco’s reconstruction efforts after a September earthquake.

The loan was announced by EIB Vice President Ricardo Mourinho Felix after a meeting with Morocco’s Minister Delegate in charge of the Budget 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 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: Qatar News Agency