First Independent Mena Newspaper
Two years after the signing of the founding protocol, the African Energy Bank officially opened its doors on June 4 and slated the operational launch for July. This supranational bank will focus on financing oil and gas projects in Africa, with a view to bridging the financing gap in these sectors and the continent’s energy […]
Mali’s revenue from gold mining activities fell by 26% due to lower taxes, official figures showed. Mali is the fourth largest gold producer in Africa. The mineral accounted for 80% of its exports and represents some 10% of its GDP. The revenue paid by mining companies to the Treasury fell to 563.8 billion CFA francs […]
Germany has granted Morocco a €100 million loan to assist the Kingdom’s earthquake reconstruction program, alleviate the socio-economic burdens placed on the local population, and assist in managing the aftermath of the disaster that hit Morocco in September last year. The loan agreement was signed in Rabat on Wednesday by Minister in charge of Budget, […]
The Moroccan government needs to increase its 2024 budget by 14 billion dirhams ($1.4 billion) to meet expenditures linked to subsidizing electricity prices and wage hikes, minister delegate in charge of the budget Fouzi Lekjaa said. In a presentation at the finance committee in parliament, Lekjaa recalled that the government has approved a decree to […]
OCP Group, the world leader in plant nutrition solutions and phosphate-based fertilizers, announced it has finalized a €200 million financing agreement with KfW, Germany’s development and investment bank, to enhance global food security and combat climate change. The KfW loan is a significant contribution towards OCP Group’s $13 billion green investment strategy for 2023-2027 to […]
Morocco’s economic growth is expected to reach 3.5 pc in 2024 and 3.8% in 2025, driven by higher investment, according to latest projections released by the African Development Bank. In its African Economic Outlook 2024 report, the Bank said inflation is projected to fall slightly to 4.1% in 2024 and 3.8% in 2025, as world […]
Over $30 billion worth of gold was smuggled out of Africa in 2022, primarily to the United Arab Emirates (UAE), Turkey, and Switzerland, according to a new ground-breaking report by Swissaid that calls for more transparency and traceability in the gold supply chain to improve local conditions and artisanal miners’ working conditions throughout the continent. […]
Morocco expects to further cut its fiscal deficit from 4% in 2024 to 3.5% in 2025 and 3% in 2026, despite an increase in spending on social protection, Fouzi Lekjaa said. The deficit was at 7.1% when the government took office in 2021, at a context marked by a recovery from the economic impact of […]
The Board of Directors of the African Development Bank (AfDB) has approved an €84 million funding for the sustainable development of forest areas in Morocco, meant to enhance climate resilience and promote local entrepreneurship. The project meant to support the inclusive and sustainable development of forest areas in Morocco aims to contribute to strengthening the […]
The Board of Directors of the African Development Bank (AfDB) Group has approved funding of €120 million under the Transformation Support Program for a Moroccan Digital, Entrepreneurial, and Inclusive University (UM 4.0). This program, which targets students, higher education teachers, entrepreneurs and young graduates, aims to contribute to the development of human capital and the […]