First Independent Mena Newspaper
The U.S. government has decided to finance economic empowerment projects in the Moroccan Saharan cities of Laayoune and Dakhla, confirming Washington’s recognition of Morocco’s sovereignty over its entire Saharan territory. An estimated total budget of $1.5 million has been earmarked for projects seeking to improve employment, labor, and training in the two Moroccan Saharan cities. […]
The European Union’s recently agreed-upon Critical Raw Materials Act (CRMA) does not target China but is aimed “simply [at] diversifying sources of supply,” a senior EU official has said, just as a recent study highlighted the bloc’s continuing efforts to close deals with resource-rich African nations to reduce its dependence on China for critical raw […]
Morocco’s state-owned phosphate OCP Group announced this Tuesday the setting up of a new subsidiary offering farmers customized plant nutrition solutions adapted to the crop, climate, and soil. Dubbed “OCP Nutricrops”, the new entity will leverage the Group’s leading phosphate-based plant nutrition production and distribution capabilities to provide farmers with tailored solutions that preserve soil […]
In this era of geopolitical competition and realignment, India recognizes Africa as a key component in its pursuit of superpower status and the continent is thus becoming a crucial player in New Delhi’s ambitious quest for global economic dominance. India’s multifaceted relationship with African countries is set for a fundamental transformation, as the continent is […]
Industry minister Ryad Mezzour expects the production capacity of Morocco’s automotive sector to increase to 1.5 million cars by 2026. “We will hit the 1 million car milestone next year as Stellatis doubles its production capacity,” Mezzour told Medias24 in an interview. By 2026, Morocco would be able to double its current production capacity to […]
The new European Union anti-deforestation law, which aims at protecting dwindling forests by outlawing products sourced from deforested areas, is closely watched in parts of Africa, with some local traders arguing that the new rules effectively dissuade European companies from purchasing their coffee. Some industry sources have cautioned that the new rules requiring companies to […]
Higher cocoa prices, due to catastrophic harvest in West Africa, triggered a surge of chocolate prices. About 60% of Cocoa, a key chocolate ingredient, is produced in West African powerhouses Ghana and Cote D’Ivoire, which both reported a sharp drop in output due to a devastating heatwave. Experts expect that chocolate prices would further rise […]
African countries are expected to post the highest growth rates this year globally, said the Economic Commission for Africa (ECA), a UN agency. Niger, Senegal, Côte d’Ivoire, DRC, and Rwanda are expected to be world’s top growth performers, according to an ECA report. Niger and Senegal, in particular, are expected start reaping the benefits of […]
The IMF agreed to offer Egypt a loan worth 8 billion dollars under an Extended Fund Facility to support the country’s economic stability. Following its review, the IMF noted that Egypt’s recovery was slowed by rising global inflation, foreign exchange shortages, and elevated debt levels. Egypt is also struggling with new challenges such as the […]
Credit rating agency Standard & Poor’s revised Morocco’s outlook to positive BB+/B thanks to social, economic, and budgetary reforms. With the new rating, Morocco edges closer to retrieve its investment grade, lost during the Covid-19 pandemic. “Morocco’s economy has proven resilient in the face of multiple shocks over the past five years, and maintained access […]