(Ecofin Agency) - The money will serve to rebuild infrastructures in the Al-Haouz province which was hit by a deadly earthquake on September 8.

The European Investment Bank (EIB) will lend Morocco a billion euros ($1.06 billion) over the next three years. This is to help the country rebuild in areas that were hit last month by a deadly earthquake. 

The announcement was made on October 11, by the EIB’s vice-president, Ricardo Mourinho Felix, after he had met with the Moroccan Budget Minister, Fouzi Lekjaa. The two men met on the sidelines of the IMF-World Bank Annual Meetings, which currently takes place in Marrakech, Morocco.

Al-Haouz, a province located south of Marrakech, was struck on September 8 by a major earthquake that killed over 3,000 people and injured nearly 6,000.

Besides the human casualties, infrastructure such as roads, schools, and hospitals, as well as some 60,000 homes, were partially or totally destroyed.

Two weeks after the disaster, on September 20, the Royal Moroccan Cabinet announced a reconstruction program for disaster-stricken regions worth an estimated 120 billion dirhams, or around $11.7 billion.