First Independent Mena Newspaper
Morocco has launched a tender for 60,000 tons of rail to extend Africa’s fastest train to Marrakech. Morocco has inaugurated the high-speed train, known as TGV or Bourak in Arabic, in 2018 linking Casablanca to Tangier. The new railway would cost 612 million dirhams ($62 million), Moroccan state-owned rail operator ONCF said. Morocco’s extension of […]
Morocco has launched a reconstruction plan in flood hit areas worth 2.5 billion dirhams ($260 million), the government said. The plan will be funded by the Moroccan fund for addressing natural disasters, the head of the government office said. The funds include financial aid to help rebuild 1,121 houses, including 269 homes that have been […]
Morocco topped the list of African countries where workers earn the highest salaries, according to a survey by Nigerian media the Vanguard. Morocco came first on the list “with an average salary of $2,031 due to its diversified economy, strong sectors like tourism, textiles, and mining, and strategic investments in infrastructure,” the media said. The […]
The automotive sector continues to top Morocco’s exports in the first eight months this year at 10.3 billion dollars, up 7.6%, Morocco’s foreign exchange agency said. Morocco is home to two production plants by Renault and Stellantis and has an ecosystem of parts producers as it has also attracted Chinese EV battery manufacturers. Despite consecutive […]
Morocco’s tourist receipt grew 20% in August to a record 17 billion dirhams or $1.75 billion, underscoring a strong recovery of the sector, the tourism ministry said. In the first eight months this year, travel receipts increased 7% to 76 billion dirhams ($7.8 bln), it said in a statement. “These results confirm the unprecedented momentum […]
King Mohammed VI has expressed his eagerness to promote and expand the close and promising relations existing between Morocco and China that he described as “model” relations. This came in a message of congratulations that the Monarch addressed to President Xi Jinping on China’s National Day. In his message, the King highlighted the “excellent level” […]
Moody’s Ratings has affirmed Morocco’s stable credit outlook at Ba1, saying the rating reflects Morocco’s institutional strengths and robust external position. “The stable outlook reflects our expectation that the government will pursue economic and social reforms to improve the economy’s resilience to shocks while keeping the debt burden stable,” Moody’s said. “We expect the government […]
The African Development Bank Group approved a €70-million financing facility for Bank of Africa Maroc (BOA) to promote access to financing African trade. The package comprises a €50 million Risk Participation Agreement (RPA) and a €20 million Trade Finance Line of Credit (TFLOC), the AfDB said in a press release. “The African Development Bank, rated […]
Morocco’s OCP group has selected Scottish mining technology Company Weir to provide energy efficient, sustainable solutions to the next phase of OCP’s Benguerir and Louta greenfield phosphate projects. Under a £25 million contract, Weir pledges to support the continued construction of the Louta project and the trebling of production from the Benguerir project, where Weir […]
Sahel States have lauded King Mohammed VI’s initiative aiming to facilitate their access to the Atlantic Ocean, as a “highly important strategy” for co-development and prosperity in the region and as a move that will help the Sahel states diversify their sources of access to the Atlantic. This came in a joint communiqué released following […]