First Independent Mena Newspaper
Morocco’s economy showed resilience to external shocks thanks to the diversification strategy and the reforms undertaken over the past two decades, said Governor of Bank Al-Maghrib in an address he made Saturday before King Mohammed VI. The Moroccan economy, suffering from a challenging global context and a particularly severe drought, grew by 1.3 pc in […]
The African Development Bank (AfDB) has approved a $70 million risk-sharing agreement with Morocco’s Banque Centrale Populaire (BCP) to develop foreign trade. This agreement is the second with BCP and is part of a program entitled “50/50 risk-sharing agreement for Morocco’s Banque Centrale Populaire”. It takes place in a context of tightening capital adequacy and […]
Fitch Rating highlighted the positive outlook for the seven largest Moroccan banks in 2023 whose profitability is set to improve on the back of a better risk management. “We expect profitability will improve at a faster pace in 2023 as lower impairment charges (LICs) should continue to decline while higher rates will start to feed […]
The Board of Directors of the African Development Bank has approved a $1 billion exposure exchange with the Asian Development Bank that aims to strengthen their capital adequacy levels and boost their lending capacity. The transaction, sealed last week, will support AfDB efforts to unlock additional sovereign lending headroom. It will also bolster continued efforts […]
The International Finance Corporation, IFC, has provided a loan worth close to $3 million to Chad’s leading microfinance Express Union Tchad (EUT) to boost access to finance for underserved communities —particularly women and those in rural areas, bolster the microfinance sector, and help drive economic growth, the World Bank’s branch for private sector financing said […]
The World Bank has approved a $350 million results-based financing program to support Morocco implement its National Program for Drinking Water Supply and Irrigation (PNAEPI 2020-2027) in the framework of the 30-year National Water Plan (PNE, 2020-2050). Launched in 2020, PNAEPI aims to improve water security by accelerating investments in the sector and strengthening the […]
Burkina Faso is setting a new Caisse de dépôt et d’Investissement, CDI-BF, assigned several tasks including financing of State’s major projects. The decision, “Sika Finance” reports, came during a cabinet meeting last week. The CDI-BF replaces Caisse des dépôts et consignations (CDC) created in 2017 and dismantled in 2022 for lack of results. The CDI-BF […]
Members of the European parliament rejected the money in return for migration curbs signed between the European commission and President Kais Saied. The deal includes nearly $1 billion in aid, loans and investments to help Tunisia stem the flow of migrants and comes at a context of outcry at Tunisian authorities’ brutal treatment of migrants. […]
Saudi Arabia will give Tunisia $500 million as a soft loan and a grant to help improve its public finances with the national budget suffering a $2-billion deficit, the Saudi state-run news Agency SPA reports. Tunisia is facing an acute economic crisis compounded by the pandemic coupled with a tense domestic political crisis. The North […]
Benin has secured an 80 million euros loan facility from the African Development Bank (AfDB) to improve and expand Cotonou harbor, one of the main maritime access points for landlocked countries in West Africa. The loan is split into two: €55 million from the African Development Bank and €25 million from Africa Growing Together Fund, […]