First Independent Mena Newspaper
Islamic banking products in Morocco could expand their deposit bases by 5 to 10 pc, says Fitch Ratings, noting that the ability to grow the deposit base is positive for Morocco’s economic development because deposits represent about 70% of banking sector funding. “We expect growth of participation banks in Morocco will be high initially, as […]
Attijariwafa Bank, la Caisse Centrale de Garantie and le Groupe Crédit Agricole du Maroc have all won 2017 African Banker Awards in various categories. Attijariwafa Bank has been awarded the trophy of “Best Regional Bank in North Africa”, la Caisse Centrale de Garantie has obtained the “Financial Inclusion Award”, while le Groupe Crédit Agricole du […]
The European Bank for Reconstruction & Development is providing a loan of up to US$ 2 million to the Microfund for Women (MFW) for on-lending to female entrepreneurs in Jordan. Access to finance through banks remains extremely limited for micro, small and medium-sized enterprises (MSMEs) in Jordan, a country that is also particularly exposed to […]
The International Monetary Fund has reaffirmed Morocco’s continued qualification for the Precautionary and Liquidity Line (PLL) Arrangement after a first review of its executive board. The two-year PLL arrangement for Morocco in the amount of SDR 2.504 billion (about US$3.42 billion) was approved by the IMF’s Executive Board in July 2016. After completing a first […]
Morocco has an opportunity in the years ahead to boost economic growth and job creation, says World Bank Memorandum entitled “Morocco 2040- Emerging by Investing in Intangible Capital”. The new report, released Monday, provides an analysis of past economic performance as well as development opportunities and constraints, and then offers a roadmap for reforms to […]
Morocco’s Attijariwafa Bank obtained on May 3 the regulatory approval to acquire the Egyptian branch of Barclays which has shifted towards focusing its activity on the US and Britain. Attijariwafa Bank has finally obtained all regulatory requirements to acquire 100% of Barclays Egypt capital after an agreement was signed by the two banks in October […]
Moroccan financial company Wafacash has sealed a deal with WorldRemit, an online money transfer service provider, enabling Moroccans living overseas to send money to their homeland wherein the cash will be available instantly for the beneficiaries. The money transfers wired though WorldRemit system can be picked up from any of the 1620 Wafacash locations installed […]
Mauritania can rejoice for a successful participation in the summit of Arab financial institutions held in Rabat after the North African country received over $100 million of loans for the execution of projects in mining and energy, reports say. A first deal between Moctar Ould Diaye, Mauritania’s finance minister and the chairperson of the Arab […]
Libya’s National Oil Corporation (NOC) announced a deal with Morocco’s Banque Marocaine du Commerce Exterieur (BMCE) to attract new investors in a move defined as slap for the UN-backed Presidential Council. NOC head Mustafa Sanalla signed a Memorandum of Understanding (MoU) with BMCE’s Ibrahim Benjelloun Touimi in Vienna on Friday making the Moroccan bank one […]
Credit rating agency, Fitch, affirmed Morocco’s long-term foreign and local currency issuer default ratings (IDRs) at ‘BBB’ with a Stable Outlook. Fitch explained that Morocco’s BBB rating was driven by its economic performance, public finance and external finance metrics. “Economic policy focuses on maintaining macroeconomic stability and is unlikely to change much as a result […]