First Independent Mena Newspaper
Nezha Hayat, Chairperson of Moroccan Capital Market Authority (AMMC), has been elected Chair of Africa-Middle-East Regional Committee (AMERC) of the International Organization of Securities Commissions (IOSCO). The IOSCO Regional Committee for Africa and the Middle East brings together the financial market regulators of the region, bearing the mission to examine, exchange information and promote issues […]
The main index at Casablanca’s stock exchange suffered on February 9 the steepest single-day plunge in its history amid a similar trend in international bourses due to Coronavirus fears. Investors rushed to sell shares causing a 5.82% drop in Masi, Casablanca’s main index, which lost 11.2% of its value since the beginning of 2020. The […]
Tunisia expects a growth rate of just 1% this year, compared with the 2.7% envisaged in the 2020 budget, and plans to seek a new loan deal with the International Monetary Fund (IMF). Tunisian Prime Minister, Elyess Fakhfakh, who made the announcement on Sunday said his government has slashed the country’s economic growth forecast for […]
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 […]