Morocco’s king donates $98 million to earthquake victims

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

The donation, which was made on Thursday, followed a board vote from Al Mada Group, where the king is a major shareholder.

Earlier in the day, he led a committee of ministers to organize a plan for relocating victims. The strategy includes financial assistance for those needing to rebuild.

Families affected will get MAD 30,000 in immediate aid. Those with partially damaged homes will receive MAD 80,000, and families with fully collapsed homes will get MAD 140,000.

The quake, largely affecting rural regions with less resilient infrastructure, has resulted in nearly 3,000 deaths and over 5,000 injuries of varying degrees.

On Tuesday, King Mohammed VI visited the King Mohammed VI University Hospital in Marrakech, which is caring for many of the injured. He donated blood after visiting some of the patients.

Through Al Mada, his royal family office, King Mohammed VI of Morocco lays claim to the largest fortune by any Moroccan on the Casablanca Stock Exchange. He owns 49.59 percent of Attijariwafa, a Moroccan multinational commercial bank and financial services company. The value of his shares in Attijariwafa exceeds $4.5 billion.

Mfonobong Nsehe
Mfonobong Nsehehttp://Billionaires.Africa
With over a decade of experience creating impactful narratives about Africa, Mfonobong Nsehe is one of the most recognized journalism and communications professionals on the continent. He is the editor-in-chief of Billionaires.Africa. A former Forbes Magazine contributor covering African wealth and entrepreneurship, Mfonobong conceptualized, initiated, and managed for a decade the Forbes annual ranking of Africa’s richest people. He was also the pioneer managing editor of Ventures Africa and built it into one of the continent’s most influential business news companies.

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