First Independent Mena Newspaper
The World Bank’s new president, David Malpass, announced over the week plans to boost lending to African countries to help fight poverty. Malpass made the statement after touring Madagascar, Ethiopia and Mozambique on April 29-May 3. He met with these countries’ leaders and stakeholders and visited World Bank-funded projects. Africa is working at reducing poverty […]
Morocco’s central bank, Bank Al-Maghrib (BAM) will hold its key policy rate at 2.25 pc in 2019 due to subdued inflation and a neutral shift in US Fed policy, says Fitch Solutions in its latest report on the North African Kingdom. In a bid to protect foreign exchange reserves and limit imported inflation, BAM will […]
The United Arab Emirates and Saudi Arabia have granted Sudan a $3 billion aid package, of which $500 million will go to the central bank of Sudan. The move is meant to strengthen Sudan’s financial position, ease the pressure on the local currency and increase stability in the exchange rate, Saudi state news agency SPA […]
Managing Director of the IMF, Christine Lagarde, has hailed the performance of the Moroccan economy and reaffirmed the support of the International Monetary Fund to the efforts made by the country to speed up reforms to promote a stronger and inclusive growth. The remarks were made at a meeting held in Washington with Moroccan economy […]
Ghana has signed a $180 million agreement with Exim Bank of India to finance a drinking water supply project in the northern part of the country. The loan, bearing a 1.5% interest rate, will be repaid over a 25-year period. The money will be invested in drinking water supply projects. The project includes the construction […]
Morocco and the Islamic Development Bank (IsDB) have sealed a new partnership program focusing on inclusive economic development, competitiveness, exports and jobs creation. The four-year action plan (2019-2022) was sealed this weekend in Marrakech on the sidelines of the 44th annual meeting of the IsDB. It was inked by President of IsDB Group Bandar Hajjar […]
King Mohammed VI has urged the Islamic Development Bank to help its member countries to diversify their economies and stimulate the private sector, a growth engine and a source for the creation of wealth. In a message to the 44th annual meeting of IDB Group, convening in Marrakech (April 5-6), the Moroccan Sovereign said most […]
Head of Morocco’s BMCE Bank, the third largest bank in the country, criticized the sale of Saham insurance business to South Africa’s Sanlam as detrimental to Morocco’s interest. Speaking at a press conference, head of BMCE Othmane Benjeloun deplored the sale worth $1.1 billion on grounds that South Africa supports the Polisario separatists. “We end […]
The board of directors of the African Development Bank (AfDB) group approved a €268 million financing to phase II of the Industrialization Acceleration Support Program in Morocco (PAAIM II), the financial institution announced on Wednesday. The objective of this program is to promote Morocco’s industrial acceleration through the deployment of industrial ecosystems, the improvement of […]
The European Bank for reconstruction and development (EBRD) has agreed to provide a €24 million loan to Tunisie Leasing and Factoring, the country’s largest leasing company. The loan will allow the Tunisian company to continue growing its network across the country and reaching SMEs in regions less well-covered by competitors. Supporting access to finance for […]