First Independent Mena Newspaper
Morocco and the European Union (EU) signed, in Rabat on Wednesday, a 490-million-dirham program to support higher education, research, innovation, and mobility. The program, which marks a notable step in the EU’s educational outreach, supports Morocco’s National Plan for Accelerating the Transformation of the Higher Education, Scientific Research and Innovation Ecosystem (ESRI 2030 Pact), meant […]
The European Bank for Reconstruction and Development (EBRD) on Tuesday reaffirmed its support for Morocco’s energy transition by providing a €13.6 million loan to PROCANEQ, a company set up in Morocco in 2016 to provide mining subcontracting services to OCP Group. The EBRD financing, meant to step up the sector’s green transition, will be used […]
Morocco’s trade deficit narrowed by 1% from January to May to 117 billion dirhams ($11.7 bln), after exports rose to 191 billion dirhams, but still less than imports at 308 billion dirhams. The automotive sector topped Morocco’s exports at 67 billion dirhams, up 12%, auguring well for another record exports this year. Aeronautics was the […]
The International Monetary Fund gave the greenlight for the disbursement of 360 million dollars to Ghana, after the latter reached an agreement with its creditors to restructure its debt. “The authorities’ strategy aimed at restoring macroeconomic stability and reducing debt vulnerabilities is paying off, with clear signs of stabilization emerging,” IMF Deputy Managing Director Kenji […]
Morocco plans to upgrade 25,000 rooms through state-guaranteed loans before 2025, when the country will host the African cup of nations and ahead of the 2030 World Cup, the tourism ministry said. Hotels wishing to apply could receive up to 100 million dirhams ($10 million) in loans, whose interests will be paid by the state, […]
Morocco was ranked the eighth largest recipient of financial flows in renewable energy at 6.2 billion dollars between 2010 and 2021, a new renewable energy agency report said. Most of these financial flows went to solar, followed by wind, said the report, to which the international energy agency also contributed along with the World Bank. […]
Ghana had reached a deal with bondholders that will forgo nearly $5 billion in a sovereign debt restructuring deal that would help the country avoid default. The deal marks a key step in the country’s quest to restructure its $13 billion debt that left the country on the brink of financial collapse. Bondholders including Abrdn, […]
Foreign investment flows to Africa dropped by 3% in 2023 to $53 billion, despite an increase in investments in green energy projects, the UN Conference on Trade and Development (UNCTAD) said. While Egypt and South Africa drove the overall investment trend in the continent, countries such as Morocco and Mauritania are expected to benefit from […]
Morocco’s central bank cut its borrowing rate to 2.75% from 3% as inflation drops thanks to lowering food prices and easing external inflationary pressures, the bank said following its board meeting. “On the basis of all these considerations, the Board considered that the calibrated tightening of monetary policy, the regular monitoring of the transmission of […]
The World Bank has approved $600 million funding to Morocco to enable the North African Kingdom finance two projects destined to improve public service and performance. The first project, which gets a $350 million support, aims to improve the governance, restructuring, competitive neutrality, and performance monitoring of state-owned enterprises (SOEs). The 2nd project, entitled “Public […]