EIB gives helping hand in quake-hit Algeria

Date: 19/06/03

THE European Investment Bank has agreed a long-term loan package worth €250 million to help Algeria rebuild itself after devastating earthquakes hit the country last month.

The earthquakes hit the towns of Bourmerdès, Reghaia Zemmouri, Roubia and certain districts of the capital Algiers.

Philippe de Fontaine Vive, vice-president of the EU's in-house bank, visited Algeria last week to discuss with top officials how the package would be spent.

"The EIB is committed not only to providing aid for rapid alleviation of the suffering of tens of thousands of victims, but also to ensuring that it is used effectively," he said.

The funds will be earmarked for essential services such as water supply and treatment, electricity, gas and public transport and key buildings - mainly hospitals, community clinics and schools. Universities, research centres and small firms from the stricken zones will also benefit from the cash.