First Independent Mena Newspaper
The International Monetary Fund (IMF) approved this week new emergency aid for 28 of the world’s poorest countries, 22 of which being Africa, to help them alleviate their debt and better cope with the impact of the coronavirus pandemic. This second six-month tranche of debt service relief for 28 member countries under the Catastrophe […]
A United Nations report, issued this week, said that illicit financial flows out of Morocco amounted to about 16.6 billion dollars during the years 2013-2014. This came in a report by the United Nations Conference on Trade and Development (UNCTAD), which revealed that the African continent loses about 88.6 billion dollars annually due to […]
Moroccan private sector will benefit from two green investments totaling €253 million provided by the European Bank for Reconstruction and Development (EBRD), the European Union (EU), the Green Climate Fund (GCF) and South Korea. Thanks to this financial support, local businesses will be able to acquire green technology and become more competitive, contributing thus to […]
Egypt has approved a financing request of about $191 million by national carrier EgyptAir to be used to pay external debt. The Central Bank of Egypt will release the funds in the form of loan, state-run Ahram online reports. EgyptAir, which resumed flying from July 1st after several months of hiatus due to the coronavirus […]
Attijariwafa bank Egypt has entered into partnership with U.S-based MoneyGram International in view of supporting the Arab country’s financial inclusion policy, Arab Finance reports. The Moroccan bank in a statement said with the new partnership, MoneyGram’s clients worldwide will be able to transfer remittances to be received at any of its 65 branches in Egypt. […]
Finance Minister Mohamed Benchaaboun said the economic impact of the coronavirus will continue to reverberate in 2021 as the government faces prospects of a sharp drop in revenue and higher spending. Tax revenue is expected to fall by 25 billion dirhams while additional spending should be mobilized to fund social landmark projects such as the […]
Casablanca Finance City (CFC) has been ranked 46th in the 2020 Global Financial Centre Index (GFCI) which evaluates the competitiveness and performance of world leading financial centers. Last year, CFC was ranked 41th among the global financial hubs. Although it dropped this year five places due to several regional and international factors, Casablanca remains the […]
Morocco has completed a successful sale of a 1 billion euro two tranche bond with 5.5 year and 10 year maturity at a rate of 1.375% and 2% respectively, in a deal that reflects the trust enjoyed by the country among international financial institutions despite the difficult context of the pandemic. Demand on the bond […]
Morocco has mandated Barclays, BNP Paribas, JPMorgan, Natixis to hold meetings with investors for its upcoming Euro bond, Bloomberg reported. The bond will help Morocco pay back 1 billion euro bond that will reach maturity next month. Central bank governor Abdelatif Jouahri said Morocco will issue the bond this year in euro without giving […]
The European Bank for Reconstruction and Development (EBRD) announced on Wednesday a $20 million loan to the Moroccan bank, “Crédit Agricole du Maroc”, to support local exporters and importers The funds will be used to issue guarantees in favor of confirming banks and to provide cash financing for pre-export and post-import financing and for local […]