First Independent Mena Newspaper
Remittance flows to Morocco increased by 40 pc in 2021, reaching $10.4 billion, says the World Bank in its latest “Migration & Development Brief”. With such performance, Morocco becomes the second-largest recipient of remittances in the Middle-East and North Africa region. Indicators for early 2022 suggest a continuation of buoyancy in receipts, says the WB […]
The output of major cereals (soft wheat, durum wheat and barley), in the 2021/2022 agricultural campaign is expected to reach 32 million quintals (Mqx), a decrease of 69% compared to the previous campaign, while the agricultural gross domestic product (GDP) is projected to decrease by about 14% in 2022, according to the forecasts of the […]
The European Investment Bank (EIB), a financial arm of the European Union (EU), announced Thursday it provides €60 billion ($62.58 billion) for economic development in Gaza. The financing program was unveiled by EIB Vice President Gelsomina Vigliotti and EU representative Sven Kuhn von Burgsdorff during a visit to Gaza, the EIB said in a press […]
Morocco wants private investors to take the lead in spurring economic growth by increasing their share in total investments in the country to two-thirds, Moroccan investment and economy minister said. Morocco will adopt an investment charter that is designed to encourage private investment in the country, where the state was historically the main investor, finance […]
The European Bank for Reconstruction and Development (EBRD) provides Moroccan Agence Nationale des Ports (ANP) a €40 million loan to enable the agency enhance climate resilience of ports of the North African Kingdom. The loan is the first to a Moroccan state-owned entity without a sovereign guarantee. It will comprise two tranches: a €15 million […]
The European Bank for Reconstruction and Development is holding its first in-person annual meetings since 2019 in Marrakech with the war in Ukraine expected to dominate discussions. The event will bring together representatives from the Bank’s 73 country and institutional shareholders on May 10-12. King Mohammed VI has given his high patronage to the EBRD’s […]
The cabinet of Fathi Bashagha; one of Libya’s current two Prime Ministers, has approved a draft budget of nearly 95 billion Libyan dinars ($20 billion) for 2022. “The draft budget for the fiscal year 2022 was presented, discussed, and delivered during a meeting chaired by Prime Minister Fathi Bashagha on Thursday,” Minister of planning and […]
The Moroccan government, the federation of employers CGEM and main labor unions agreed to raise the minimum wage of workers in the public and private sectors as well as family allowances, in a move that is key to maintaining social peace in the country. The government will raise by nearly 16% the minimum wage in […]
The OPEC Fund for International Development (OFID) will contribute $14.3 to the funding of the second phase of the Front-End Engineering Study (FEED) of the Nigeria-Morocco Gas Pipeline project. The legal documentation relating to the $14.3 million financing granted by the OPEC Fund to the National Office of Hydrocarbons and Mines (ONHYM) was signed Friday […]
Morocco’s Holmarcom group has taken control of Credit du Maroc, a subsidiary of French bank Credit Agricole. Holmarcom has bought all the 78.7% stakes owned by Credit Agricole in its Moroccan branch, in a move to strengthen its foothold in the finance and insurance business. Morocco’s Wafa Assurance and other stakeholders own 10.73% and 10.56% […]