First Independent Mena Newspaper
Morocco’s central bank revised upwards its inflation figures for 2021 to 1.4% from 1.2% due in part to a surge in foodstuff and fuel prices in the international market. Though inflation is expected to remain under control, the central bank said it plans an inflation targeting as it continues currency reforms, yet without giving a […]
Egypt is negotiating with five international financial institutions funding for planned Aswan-Toshka railway project linking the Arab republic to neighboring Sudan, reports say. The European Bank for Reconstruction and Development, European Investment Bank, World Bank, Asian Infrastructure Investment Bank, and Islamic Development Bank, Arab Finance reports citing Al Mal. The media did not disclose the […]
Fitch Ratings has assigned Morocco’s Long-Term Foreign-Currency Issuer Default Rating (IDR) ‘BB+’ rating with a stable outlook due to the country’s macroeconomic stability, low inflation, a moderate share of foreign-currency debt in total general government debt and comfortable external liquidity buffers. Morocco’s fiscal deficit is expected to narrow to 6.3% of GDP in 2021 from […]
Morocco’s crackdown on all sorts of smuggling and contraband originating from the enclaves of Ceuta and Melilla under Spanish occupation has helped the country gain an additional 4 billion dirhams in customs revenue. Since the outbreak of the coronavirus, Morocco has maintained its borders closed with the two cities to fight the virus but the […]
Moroccan banks have shown resilience to the impact of the Covid-19 crisis maintaining enough provisions to face the surge of the cost of risk due to a rise in impaired loans, analysts and the central bank say. The IMF has urged the Central Bank to keep ensuring that the Banks had enough provisions to deal […]
The World Bank approved on Wednesday a $450 million loan for Morocco which is deploying sustained efforts to modernize its public sector through the implementation of an ambitious governance reform program . Over the past few years, Morocco has embarked on long-term and wide-ranging reforms to improve the overall performance of the public sector and […]
Alstom is investing €10.5 million in Morocco to build a new production line and develop capability in the country to manufacture on board transformers. It will be the second production line at Alstom’s facility in Fez, which currently produces harnesses and electrical cabinets for rail and take up about 13,000 m2 of the facility and […]
Morocco’s National Office of Electricity and Drinking Water (ONEE) and the African Development Bank (AfDB) signed an additional €18 million financing agreement to ensure the sustainability and security of drinking water supply in several regions of the Kingdom. This additional financial assistance will contribute, with the €115 million loan already mobilized in 2018, to finance […]
Russia will start financing construction of the industrial zone in Egypt and is considering the use of such format in other countries, First Deputy Minister of Industry and Trade Vasily Osmakov said, Arab Finance reports citing TASS News agency. “We will start funding construction of the Russian industrial zone in Egypt from the next year. […]
The IMF expects Morocco’s economy to grow 6.3%, the highest rates among its MENA peers, as the country continues its fiscal and monetary stimulus. Morocco’s economic performance is also credited thanks to its “successful vaccination campaign” which enabled the country to contain the pandemic and allow the economy to rebound, the IMF said after its […]