First Independent Mena Newspaper
The coronavirus has imposed the need for an amendment of the budget law that will gear focus to education, health, social protection and digital transformation. A cabinet meeting was chaired in this respect Wednesday by head of the Government Saad Eddine EL Othmani to discuss the broad line of the new appropriation bill. The restrictive […]
Humania, a private healthcare company, has secured a $108.5 million funding from international financial institutions to launch medical care projects in Morocco and Egypt. The International Finance Corporation (IFC) contributes $45 million to this project, while $ 63.5 million were mobilized from other investors, including $43.5 million from the Danish Investment Fund for Developing countries […]
The European Union and dozens of donor nations have pledged a total of $7.7 billion to help tackle the humanitarian crisis deepening in Syria and neighboring countries hosting millions of Syrian refugees as the coronavirus pandemic and economic crises compound the misery of nearly a decade of civil war. EU Crisis Management Commissioner Janez Lenarcic […]
The Moroccan businesses interested in adopting green technologies will benefit from a €21.1 million funding, part of a program sponsored by the European Bank for Reconstruction & Development (EBRD). The financial support will help the beneficiaries reduce their costs by implementing climate adaptation measures, energy-efficient and renewable-energy technologies, which will improve their overall competitiveness, says […]
France will release €350 million loans to Tunisia to deal with the crisis caused by the coronavirus, French President Emmanuel Macron announced on Monday in Paris. “France continues to provide all its support to Tunisia, especially in the health sector through the training of health workers, the modernization of infrastructures, such as the construction of […]
The World Bank announced on Tuesday a $500 million funding to help Morocco speed up its digital transformation and enhance its economic and social inclusion. The WB financial support will serve to improve financial inclusion and access to more competitive digital infrastructure and services for businesses and individuals. It also aims to spur private sector […]
The Bankers Association for Finance and Trade (Baft) has launched earlier this June a regional Africa council, bringing together senior banking leaders from institutions across the continent to provide guidance for the association’s members locally. The council will look to address common challenges faced by banks in Africa, including capital treatment for trade finance, transition […]
The World Bank has approved a $48-million loan to Morocco to enable the country mitigate the impacts of the coronavirus pandemic which has so far infected 8,985 people in the North African Kingdom, killed 212, while 7,960 others recovered. The loan, which is part of an ongoing Program for Results project, approved in 2015, aims […]
Head of Moroccan employers association (CGEM) Chakib Alj said the key interest rate and reserve requirement cut to 1.5% and 0% respectively are conducive for an economic recovery from the repercussions of the coronavirus. These cuts give banks more flexibility in financing enterprises during this crisis notably SMEs, he told local media. The government has […]
Morocco’s central bank cut the key interest rate from 2% to 1.5% to shore up the economy and reduced the reserve requirement for banks to 0% to release more liquidity. The Bank revised downwards its forecasts for 2020 to -5.2%, the lowest rate since 1996, compared with 2.5% in 2019, as the coronavirus impact and […]