Morocco’s central bank has decided to maintain the current key rate at 3 percent and expects the country’s economic growth to be limited to 2.1 percent in 2024, before rebounding to 4.3 pc in 2025. During its first meeting of 2024 held Tuesday in Rabat, the Board of Bank Al Maghrib said the key rate […]
Finance
East Africa bracing for fresh wave of interest rate hikes fueled by Red Sea crisis
East African central banks are being forced to hike interest rates to contain renewed inflationary pressures emanating from surging shipping and insurance costs due to the disrupted crucial trade routes between Europe, the Middle East, and Asia in the Red Sea. The ongoing Red Sea crisis, involving attacks by the Iran-supported Houthi group based in […]
French AFD contributes €134.7 million to Morocco’s education system reform
The French Development Agency (AFD) will contribute €134.7 million to the public policy budget and the support program of the 2022-2026 roadmap for the reform of Morocco’s national education system. The related loan protocol and financing agreement were signed in Rabat this Monday by Minister in charge of the Budget, Fouzi Lekjaa, and the French […]
Morocco offers earthquake reconstruction aid to 51,300 households
Morocco has offered 1 billion dirhams so far in reconstruction aid to 51,300 households hose houses were totally or partially destroyed in the September 7 quake that hit the High Atlas. The government has offered 20,000 dirhams in a first stage aid to families to start rebuilding their homes and started disbursing a second batch […]
AfDB lends Morocco €100 Mln for infrastructure projects in rural zones
The African Development Bank has lent €100 Million to Morocco’s Communal Equipment Fund to support sustainable infrastructure projects aimed at reducing territorial and social disparities in the North African Kingdom. The loan agreement was signed Friday in Rabat by the African Development Bank (AfDB) and le Fonds d’équipement communal (FEC). The money will serve to […]
ECOWAS single currency launch delayed beyond 2027 deadline — WAMZ boss
The expectation for an ECOWAS single currency to be launched by 2027 is no longer realistic, according to the director-general of the West African Monetary Zone (WAMZ), Olorunsola Olowofeso, who imputed the delay to the inability of all the WAMZ member states to meet all the required criteria. “The quest for a single currency by […]
Nigeria secures financial requirements for Niger rail link
Nigeria said it had secured 1.3 billion dollars needed to build a rail connection with neighboring Niger, a landlocked country. The news was announced by Nigeria’s transport minister Ahmed Alkali who said the China Civil Engineering Construction Company (CCECC) would provide 85 percent of the money while the Nigerian government would provide 15 percent. The […]
De-dollarization in Africa: could BRICS currencies challenge greenback?
A recent report by Sputnik Africa claiming that the use of the Russian ruble for trade between Russia and Africa has more than doubled since 2022 is challenged by other sources that report a sharp dip in the share of ruble payments from 23.7% in mid-2022 to 12.7% in mid-2023. Russian ruble usage in international […]
France’s Société Generale to sell its business in Morocco – media reports
France’s Société General plans to sell majority stakes in its Morocco banking activity to Saham, Moroccan media reported. Saham, owned by former industry minister Moulay Hafid Alamy, had reached a deal to buy 57% stake in the French subsidiary bank, Le360 said in an exclusive. The transaction to buy the fourth largest universal bank in […]
Morocco-EU: Launch of “Just Transition” project for successful climate policy
The “Just Transition” project aimed at supporting Morocco’s efforts to implement its climate policy was launched on Wednesday in Rabat, by the European Union and Morocco. The project, worth over €10 million (approximately 109 million dirhams), is co-financed by the German Ministry for Economic Cooperation and Development (BMZ) and the European Union (EU). Entitled “Just […]