First Independent Mena Newspaper
The Arab Monetary Fund has granted Morocco a $127 million loan to provide financial resources to meet the country’s needs amid the global COVID-19 crisis, the Arab financial institution announced this Wednesday in a statement. The loan agreement was signed earlier this month by Morocco’s Economy and Finance Minister Mohamed Benchaaboun and the General manager […]
Morocco’s economy has been hit hard by the coronavirus outbreak but plans have been set up to relaunch the economic activity through promoting state investments and fostering domestic consumption, Finance Minister Mohamed Benchaaboun said. The government is preparing conditions to relaunch the economy after the lockdown affected most sectors notably exporting businesses, Benchaaboun told MPs […]
Fitch Ratings has revised its outlook on Moroccan banks Attijariwafa Bank, Bank of Africa, and Credit Immobilier et Hotelier (CIH) to Negative from Stable, while affirming the three banks’ Long-Term Foreign-and Local-Currency Issuer Default Ratings (IDRs) at ‘BB+’. This comes after Fitch’s revision of the outlook on Morocco’s sovereign rating to Negative from Stable on […]
Morocco’s Central Bank, known as Bank Al Maghrib, asked banks not to pay 2019 dividends to shareholders in order to boost their capacity to dealing with the coronavirus repercussions. This recommendation comes after a series of measures including boosting three-fold bank’s refinancing capacity and measures to make loans more accessible for households and companies, the […]
The African Development Bank approved an additional funding of €12.33 million in favor of the ECOWAS Commission to cover part of the costs related to the study of the Abidjan – Lagos motorway corridor development project. This corridor links the capitals of five West African states – Côte d’Ivoire, Ghana, Togo, Benin and Nigeria – […]
The renowned Congolese singer Maitre Gims and his wife DemDem, who are settled in Marrakech, have launched a solidarity campaign to support needy African migrants in the city during this time of health crisis. Launched at the initiative of DemDem on May 1, the couple hopes to collect funds to supply 20,000 migrants with enough […]
The Tunisian Foreign Investment Promotion Agency, FIPA-Tunisia, said foreign direct investments in the North African country during the first three months of this year, have dropped by 24 per cent compared with last year first quarter (Q1). The institution, in its Q1 2020 report, said Tunisia attracted $162 million (MD461.7 million). Energy, industry and agriculture […]
The French Development Agency (AFD) has lent lately Morocco €100 million to enhance the performance of local councils, boost local socioeconomic development and improve community public service. The agency’s funding comes after the World Bank financial contribution of €272 million provided last year to strengthen the capacities of Morocco’s municipalities, an objective that is part […]
The Al Mada Foundation announced Monday in a statement that it will offer 1 million FFP2 masks to healthcare workers who are on the front line in the fight against Covid-19. Actuallty, the FFP2 mask is recommended for hospital use as it ensures the protection of nursing staff who are in direct contact with […]
The US government announced Friday that it has provided $5.7 million in aid to Morocco to help in the fight against the COVID-19 pandemic. This aid includes $4 million from the Economic Support Fund (ESF) to support the socio-economic recovery among marginalized and vulnerable populations in urban and rural areas through a cash transfer program, […]