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Ethiopia inaugurates Gidabo irrigation dam

Ethiopian Construction Works Corporation (ECWC) has completed the Gidabo dam in central Ethiopia. The dam has the capacity to reserve 62.5 million cubic meter and is expected to develop 13,425 hectares of land cultivated by some 10,000 farmers. The project is also expected to indirectly create nearly 192,000 jobs. According to the Food and Agriculture […]

Fitch Affirms Morocco’s BBB-Rating, with Stable Outlook

Fitch Ratings has affirmed Morocco’s long-term foreign-currency Issuer Default Rating (IDR) at ‘BBB-‘ with a stable outlook, praising the country’s macroeconomic stability, its comfortable external buffers and low share of foreign-currency debt in public debt. The credit rating agency projects Morocco’s deficit at 3.7 pc of GDP in 2019 and 3.5 pc in 2020, saying […]

IMF releases $496mln for Morocco under climate-resilience scheme

The International Monetary Fund greenlighted on Tuesday the release of $496 million for Morocco under a Resilience and Sustainability Facility (RSF) to help the north African country address climate challenges. The new funding brings the total disbursement of the IMF under the RSF to about $1.24 billion. The IMF had approved a $1.32 billion loan […]