The World Bank issued a preliminary assessment last week of the cost of damage in Venezuela caused by the June 24 earthquakes, estimating it at $19.6 billion.

The organization focuses on the destruction of residential buildings, and the estimated amount represents approximately 18 % of the country’s GDP.

The damage is concentrated in the coastal state of La Guaira and Caracas, the Venezuelan capital, especially the city center. Nationwide, it is estimated that more than 890 educational institutions suffered serious damage and 38 health centers were affected by the earthquakes.

Susana Cordeiro Guerra, World Bank Vice President for Latin America and the Caribbean, stated that Venezuela needs more investment, referring to the recovery efforts following the two earthquakes. She added that the organization will continue its assessments to assist the country, including potential financing.

Regarding the reconstruction period, Cordeiro estimates it would take five years if the country manages to mobilize $9.8 billion in additional financing to bolster the fiscal response and $9.6 billion in private investment.

M.Pino

Source: bloomberglinea

(Reference image source: Jason Mitrione on Unsplash)

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