Paris Club creditors cancel $1.4Bln of Somalia’s debt

The Paris Club of creditor countries have agreed to restructure Somalia’s external public debt with an immediate cancellation of $1.4 billion. The decision cancels 67% of the debts owed to Paris Club by Somalia. Several of Somalia’s Paris Club creditors, including the United States, the UK and Norway, as well as the World Bank and […]

AfDB: Morocco’s growth to rebound to 4.5 % in 2021

Morocco’s GDP is expected to increase to 4.5 pc in 2021 as the country’s economy is recovering from a 5.9 pc decline in 2020 after growing 2.5 pc in 2019, says the African Development Bank in its latest report. During the third quarter of 2020, Morocco’s exports of automotive parts and phosphate and derivatives rebounded […]

Morocco’s ONEE secures €300 million for grid modernization

Morocco’s National Office of Electricity and Potable Water (ONEE) has secured €300 million in financing from European institutions to modernize the country’s electrical infrastructure, marking a significant step in the kingdom’s renewable energy transition. The funding package combines €170 million from the European Investment Bank (EIB), €130 million from Germany’s KfW development bank, and support […]