First Independent Mena Newspaper
Morocco moves on Monday March 9 to the next step in its currency reform broadening the fluctuation band for the dirham to 5% from 2.5% amid positive macro-economic conditions and enough international reserves, the finance ministry said. The North African country launched a gradual floating of its currency in January 2018, raising the official band […]
Bank Al Maghrib, Morocco’s central Bank, and the International Finance Corporation (IFC) have agreed to bolster their cooperation to enhance women’s access to financing. Under the agreement inked on Monday in Rabat, Bank Al Maghrib will benefit from IFC’s expertise and its global networks to expand women’s access to funding and support women’s entrepreneurship. The […]
The European Union on Saturday announced it earmarked €100 million to support the civilian-led authorities in Sudan, bringing the total EU contribution to €217 million. The announcement was made by visiting EU High Representative and Vice-President Josep Borrell after a meeting with Sudanese Prime Minister Abdallah Hamdok. The assistance, to be delivered through the EU […]
The International Monetary Fund (IMF) says it has secured more than $330m in debt relief for Somalia. The African nation has about $5 billion in external debt, accounting for about 100% of its GDP, which the Fund has declared to be unsustainable. The $330m brings the country a crucial step closer to receiving forgiveness for […]
Germany’s Development Bank, KfW, has lent Tunisia €27.5 million earmarked for the modernization of the Medjerda canal project at northeastern Cap Bon. The loan will be used to modernize all infrastructures and equipment of the canal to meet the increasing demand in potable and irrigation water. The canal provides the cities of Tunis, Cap Bon, […]
The European Bank for Reconstruction and Development (EBRD) supports Morocco’s automotive industry with a €15 million loan to Varroc Lighting Systems Morocco, the Moroccan subsidiary of the Indian motor industry’s lighting systems giant, Varroc Engineering Pvt Ltd. The EBRD’s financing will allow Varroc Engineering to supply the Tangier Renault factory and the Peugeot PSA plant […]
The African Development Bank (AfDB) has granted Morocco a $204 million loan, destined to finance the Social Protection Improvement Support Program (PAAPS). The loan, extended over 4 years, will back an integrated support program for the improvement of social protection in Morocco, the aim being to achieve 80 per cent social security coverage in […]
The International Monetary Fund (IMF) is “impressed” by Morocco’s determination to pursue its structural reforms and endeavors to make its economy more inclusive, said Wednesday in Rabat IMF Managing Director, Kristalina Georgieva. She cited as an instance the new development model being elaborated by a special committee and the Integrated Program for Enterprise Support and […]
Algeria’s public debt rose to 45% of GDP while its foreign exchange reserves continue to shrink on the back of falling oil prices in international market boding ill for the social peace of a country where dissent is growing. Newly appointed Prime Minister Abdelaziz Djerad sounded the alarm bell recently while speaking to MPs about […]
The UAE’s Khalifa Fund for Business Development has provided about $10 million in financial support to Burkina Faso to create 50,000 jobs for the youth in the West African nation. The agreement was signed by the president of the Khalifa Fund, Hussain Jasim Al Nowais, and the Burkinabe minister in charge of youth, Salfo Tiemtoré. […]