EIB lends Algeria €230 million for earthquake reconstruction
The European Investment Bank (EIB) has awarded the the Banque Algérienne de Développement a €230 million loan for the reconstruction of public infrastructure and social housing that was destroyed by the earthquake in May.
The components financed by the EIB under this first contract will supplement the priority rehabilitation and reconstruction works in the regions devastated by the earthquake. They are located in the departments of Algiers, Boumerdes, Tizi Ouzou, Tipaza, Bouira, Blida and Médéa. A large proportion of the schemes will be situated primarily in the regio of Boumerdes where the damage was the most severe.
This first loan essentially aims to enable rehabilitation of housing and all basic economic and social amenities, including the environment, transport, energy, health and education. Furthermore, to ensure economic recovery in the afflicted areas, a second loan of €20 million is scheduled to be signed in early 2004 to help rebuild businesses in the stricken areas and revive economic activity.
The project will be coordinated by the Algerian Finance Ministry, on behalf of the technical ministries in charge of the various reconstruction works in their respective fields of activity. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
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