MEXICO CITY (Sputnik) – The World Bank is allocating $150 million to Ecuador to help the country deal with the consequences of the powerful 7.8-magnitude earthquake that struck the country last week.
"The funding provided by the World Bank will serve to support emergency recovery and forms part of the multi-lateral loan package that Ecuador has activated to assist those populations that most need it," Francisco Borja Cevallos, Ambassador of Ecuador in Washington, said as quoted in a Friday World Bank release.
Vice President of the World Bank for the Latin America and the Caribbean Region Jorge Familiar, alongside the Ambassador of Ecuador in Washington, signed an agreement on the $150 million loan to Ecuador on Friday.
"Through this project, we will support the purchase and distribution of non-food items such as surgical equipment, medical instruments and mobile hospitals, and other supplies to cope with this emergency," Familiar said as quoted in the Friday World Bank statement.
On April 16, Ecuador was hit by a 7.8-magnitude earthquake, with its epicenter located near the town of Pedernales in Manabi province. Over 600 people died as a result.
According to Ecuador’s President Rafael Correa, the damage caused by the natural disaster would cost as much as $3 billion. Correa has announced plans to sell some state assets and oblige workers earning over $1,000 a month to contribute part of their salaries to cover the costs of reconstructing the country.
The Russian Emergencies Ministry sent a plane with 30 tonnes (metric tons) of humanitarian aid, including food and mobile power stations, to Ecuador on Thursday.
