First Independent Mena Newspaper
The European Bank for Reconstruction and Development (EBRD) announced Tuesday the allocation of €49 million in form of credit facility to finance water projects in favor of 6,800 farmers. The loan is intended for the modernization of water infrastructure and the development of a strategy in this area in oases in the south of the […]
The restrictive measures to contain the Covid-19 pandemic have dealt a blow to the inflow of hard currency from the tourism business in Morocco that has been offset so far by a surge in remittances from Moroccans abroad. In the first ten months this year Morocco’s foreign exchange regulator has reported a record 80 billion […]
The European Bank for Reconstruction (EBRD) has launched capital markets e-learning program to support the development of Morocco’s financial system. The program was launched in cooperation with Intuition, a digital financial learning provider, the Moroccan Ministry of Economy & Finance, the Moroccan Capital Market Authority (AMMC) and the Casablanca Stock Exchange (CSE). Morocco already has […]
The Board of Directors of the African Development Bank (AfDB) on Wednesday in Abidjan approved a €120 million loan to Morocco to implement the country’s Financial Inclusion, Entrepreneurship, and the support program to very small & medium enterprises (SMEs). The Bank’s support will enable companies in difficulty to recover their activity and safeguard jobs […]
The African Development Bank (AfDB) will contribute €114.03 million (1.184 billion dirhams) in support of the Moroccan Program for Inclusive and Sustainable Development of Agricultural and Rural Areas (PADIDZAR). The program, which is part of the new agricultural strategy called “2020-2030 Green Generation”, aims to support small and medium hydropower on about sixty perimeters with […]
The pandemic has increased Algeria’s “ongoing economic vulnerabilities” following a succession of adverse shocks since 2014, said the International Monetary Fund (IMF), affirming that” the outlook for Algeria remains uncertain and challenging”. Following a visit paid lately to Algeria wherein IMF staff held meetings with officials on the country’s economic developments and policies, the international […]
EFG Hermes, Egypt’s biggest investment bank, has completed its takeover of state-owned Arab Investment Bank for an undisclosed transaction. EFG Hermes, Arab News reports, agreed to purchase a 51% stake in the bank in May, with the Sovereign Fund of Egypt also acquiring a 25% stake and the current owner, Egypt’s state-owned National Investment Bank […]
The Central Bank of Libya (CBL) and its Tunisian counterpart BCT have inked a Memorandum of Understanding (MoU) for cooperation in many areas including fintech, Libya Herald reports. The MoU, according to the CBL, provides for the transfer of experience of Tunisia’s Central Bank in the field of developing financial transactions (Fintech), and the […]
The House of Representatives adopted, Saturday evening in a plenary session, by a majority the entire Appropriation Bill (PLF) for the year 2022. The PLF-2022, which is based on three priorities namely, employment, health and education, was approval by 206 MPs and opposed by 67, without any abstention. The text was approved at the […]
Ciments de l’Afrique (CIMAF) a subsidiary of Morocco-based Omnium des Industries et de la Promotion (OIP) has landed a €161.5-million loan from the International Financial Corporation (IFC), French-government-owned Proparco, and Emerging Africa Infrastructure Fund (EAIF) earmarked to increase capacities of its grinding plants in Mali, Ghana, and to launch a state-of-the-art integrated cement plant in […]