The French Development Agency (AFD) has agreed to provide a €1.5 million (MAD 16 million) grant to the Moroccan Ministry of Tourism, Air Transport, Handicrafts and Social Economy, to help reinforce the social and solidarity economy (SSE) framework in Morocco. The financial aid is aimed at helping the ministry strengthen the national legal mechanisms of […]
Finance
Morocco to launch Takaful insurance soon
Morocco is putting the final touches on the Takaful insurance key to a growing participatory finance triggered by real estate mainly. Speaking at a national insurance seminar, Central Bank Governor Abdellatif Jouahri said Takaful will be launched soon as the main stakeholders are working together to finalize it. A law on Takaful was approved by […]
Cryptocurrencies trading on surge in Morocco despite ban
Peer-to-peer bitcoin trading platforms have seen a rise in users from Morocco over the last three years despite a ban by the central bank of cryptocurrencies, coindesk.com said. Quoting LocalBitcoins Chief Marketing Officer Jukka Blomberg, the website said that February 2021 was the platform’s “best month ever” in Morocco in terms of trading volumes, adding […]
Morocco’s economic growth to pick up to 5.3% in 2021
Morocco’s central bank revised upwards Morocco’s economic growth to 5.3% in 2021 citing the beginning of the end of the health crisis with the roll out of the vaccination campaign and a better crop year. The bank said growth will pick up from a contraction of 7% last year under the combined effect of drought […]
Algeria reels under liquidity crisis as dinar crumbles
Queues in Algerian post offices of employees waiting to receive their salaries are getting longer as the country experiences a liquidity crisis combined with higher inflation that hit purchasing power of citizens. The cosmetic measures introduced by the government have not anticipated the cash crisis in the country where the banking system is one of […]
Morocco’s OCP secures a $350 million loan facility from Afreximbank
Morocco’s phosphate group, OCP, has secured a $350 million loan facility from the African Export-Import Bank (Afreximbank) that will support the Group’s expansion plans across Africa. The Pan-African multilateral EXIM Bank announced earlier this week the signing of the 7-year $350 million term loan facility to provide financing to OCP Group. The bank, through its […]
COVID-19 special fund posts a positive balance of 3.5 bln DH by End of February (Ministry)
The Special Fund for the Management of the Coronavirus Pandemic (COVID-19) has a positive balance of nearly 3.5 billion dirhams, according to the ministry of Economy & Finance. “This account has the necessary funds to acquire the vaccines and to honor all the financial commitments of the State which fall within its field of intervention”, […]
WB supports Tunisia’s Covid-19 vaccination campaign with $100m
The World Bank has lent Tunisia $100 million for the financing of the covid-19 vaccination campaign in the North African country which still counts at least 1,037 active cases. The announcement was made by Férid Belhadj, World Bank Group Vice President for Middle East and North Africa on the sideline of a meeting with President […]
AfDB: Morocco’s growth to rebound to 4.5 % in 2021
Morocco’s GDP is expected to increase to 4.5 pc in 2021 as the country’s economy is recovering from a 5.9 pc decline in 2020 after growing 2.5 pc in 2019, says the African Development Bank in its latest report. During the third quarter of 2020, Morocco’s exports of automotive parts and phosphate and derivatives rebounded […]
US to support Morocco’s vaccination campaign with $2.5 million
The US will donate $2.5 million to Morocco in support of its sustained vaccination campaign, the largest in Africa and one of the top 10 most successful in the world. A spokesperson for the US embassy in Rabat said that USAID has given Morocco 10.7 million dollars in support of its coronavirus response. It is […]