First Independent Mena Newspaper
Casablanca Finance City (CFC) has maintained its position as the leading African financial center in the half-yearly rankings of the 34th edition of the Global Financial Centers Index (GFCI) that has also included Mauritius, Kigali, Johannesburg, Nairobi, Cape Town, and Lagos on the list. Within the North Africa and Middle East region, the leading Moroccan […]
New York-based investment banking company Morgan Stanley has moved Egypt’s sovereign credit to a “dislike stance” from a “neutral” rating and noted that the cash-strapped country will face what it termed “mounting risks” in the coming months, Bloomberg reports. The bank argued that the upcoming December elections exacerbate the situation. The planned polls in which […]
Mozambique’s bond market has rebounded following UBS Group AG’s announcement of a an 11th-hour out-of-court settlement regarding Credit Suisse’s involvement in a ship-financing ‘tuna bond’ scandal. The yield on Mozambique’s 2031 debt fell 19 basis points to 13.34% on Monday (2 October) morning in the capital, Maputo, after the recently announced settlement brought closure to […]
The World Bank Board has approved $365 million in International Development Association (IDA) financing to increase girls’ and women’s access to learning, economic opportunities, and utilization of health services, and to strengthen the institutional capacity for gender equality in Western and Central Africa. The Sub-Saharan Africa Women’s Empowerment and Demographic Dividend Plus project (SWEDD+) has […]
The International Monetary Fund Executive Board has approved a Resilience and Sustainability Facility (RSF) for Morocco worth about $1.3 billion. The arrangement will support Morocco’s transition to a greener economy and help strengthen its preparedness and resilience against natural disasters, including from climate change, the Washington-based institution pointed out in a release. The 18-months arrangement […]
As the United Arab Emirates (UAE) prepares to host the COP28 climate summit from 30 November to 12 December, the Gulf state has made a marked presence in Africa’s burgeoning green finance sector, with a group of Emirati investors having unveiled a landmark $4.5 billion pledge to invest in clean energy projects on the continent […]
Fitch Ratings has released a note recognizing the impact of the earthquake on Morocco’s fiscal deficit while reassuring remittances from Moroccans abroad and the IMF’s credit lines would offset liquidity concerns. The earthquake that struck late on September 8 killed some 3000 people and destroyed nearly 60,000 homes in the High Atlas Mountains. Morocco has […]
Morocco’s central bank pauses its monetary tightening as inflation is expected to further drop to 2.6% in 2024 from 6% in 2023 amid preparations for reconstruction in earthquake-hit areas. Speaking to the press Abdellatif Jouahri highlighted the uncertainties of the global economy and the need for vigilance, adding that holding the key interest rate as […]
The Central bank of Egypt (CBE) and that of the United Arab Emirates (CBUAE) signed Thursday September 28 a Bilateral Currency Swap Agreement between the UAE Dirham (AED) and the Egyptian Pound (EGP). CBE Governor Hassan Abdullah and his UAE counterpart Khaled Mohamed Balama penned the deal that allows the exchange of local currencies between […]
The European Bank for Reconstruction & Development expects Morocco’s economic growth to reach 3.1 % up from the 1.3 % recorded in 2022 when a drought compounded the adverse impact of tighter global financing conditions. According to the Bank’s Regional Economic Prospects report released Wednesday, the forecast does not incorporate the effects of the powerful […]