First Independent Mena Newspaper
The European Bank for Reconstruction and Development (EBRD) is providing a €300 million financing package to Société Tunisienne de l’Electricité et du Gaz (STEG) to support the stability of Tunisia’s energy sector during the coronavirus pandemic in the medium term. This program will allow Tunisia’s state-owned national electricity and gas utility company to implement an […]
The European Bank for Reconstruction and Development (EBRD) announced on Friday a €20 million risk-sharing facility (RSF) to enable Attijari Bank Tunisia, a subsidiary of the Moroccan Attijari Wafabank, support Tunisian small businesses to gain better access to financing. Since the outbreak of the coronavirus pandemic, existing challenges to access funding and liquidity have become […]
Morocco and the USA have partnered to launch in the Beni Mellal-Khénifra region a socio-economic development program worth $18 million. The program is meant to promote an inclusive development of the region (North-central Morocco), with focus on the creation of economic opportunities for women, young people, people with special needs, and rural populations. The “Inclusive […]
The European Investment Bank (EIB) will support income-generating microcredit activities in Morocco with a €10 million loan. The loan to be extended to the financing company of microfinance organizations “Jaida” will strengthen the company’s capacity to finance microfinance institutions in Morocco and support its action meant to promote financial inclusion and social development, said a […]
Time and money are running out for Algeria as it eats into its foreign reserves trying to avert the inevitable: bankruptcy. The country’s Prime Minister Abdelaziz Djerad has ordered an urgent spending cut to try to offset falling income from oil and gas. An unexpected rise in spending in 2020 due to the […]
Morocco’s economic growth is expected to pick up to 4.6% in 2021 after a 7% loss in 2020 due to the coronavirus pandemic which hit both exports and local market, the Moroccan high commission for planning, HCP, said. Citing a severe drought and the coronavirus pandemic impact, the HCP said that the economy is expected […]
The United Nations support mission in Libya (UNSMIL) welcomed the meeting that took place on Tuesday, January 12, in Brega, the Libyan eastern port city, between the finance ministers of the two rival parties. An agreement for a unified budget for 2021 was reached at this meeting. A joint financial commission composed of experts from […]
The US International Development Finance Corporation (DFC) will open a branch in the city of Dakhla which will serve as a platform for all its operations towards the African continent. This initiative confirms Dakhla’s vocation as a link between North Africa and Sub-Saharan Africa and a major economic hub, as planned in the development model […]
Morocco’s fiscal revenues exceeded the expectations set in the budget law standing at 146 billion dirhams, or 107% of the revenues projected in the budget law. Tax revenues were only 4% lower compared to last year in a difficult economic context marked by the fallout of the pandemic on economic activity and tax breaks offered […]
Moroccan banks’ impaired loans ratio surged to 8.6% to stand at a record 80 billion dirhams undermining Bank’s profits in 2020, the central bank said in its latest report. The rise of bad loans takes place at a context marked by the impact of the pandemic on economic activity in general and bank loans in […]