Morocco’s King Mohammed Donates $98 Million To Earthquake Victims

Morocco’s King Mohammed VI has contributed MAD 1 billion ($98 million) to a relief fund for victims of the Sept. 8 earthquake.

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The donation was made on Thursday as a result of a board vote from Al Mada Group, in which the king is a major shareholder.

Earlier in the day, he chaired a ministerial team in organizing a strategy for moving victims. Financial support is part of the approach for individuals who need to rebuild.

Families impacted will receive MAD 30,000 in emergency assistance. Families with partially damaged homes will receive MAD 80,000, while those with completely collapsed homes will receive MAD 140,000.

The quake, which primarily struck rural areas with less resilient infrastructure, killed approximately 3,000 people and injured over 5,000 more.

On Tuesday, King Mohammed VI paid a visit to the King Mohammed VI University Hospital in Marrakech, where many of the injured are being treated. After visiting several of the patients, he donated blood.

King Mohammed VI of Morocco claims the highest fortune on the Casablanca Stock Exchange through Al Mada, his royal family office. He owns 49.59 percent of Moroccan international commercial bank and financial services company Attijariwafa. His stake in Attijariwafa is worth more than $4.5 billion.

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