First Independent Mena Newspaper
Moody’s Ratings has affirmed Morocco’s stable credit outlook at Ba1, saying the rating reflects Morocco’s institutional strengths and robust external position. “The stable outlook reflects our expectation that the government will pursue economic and social reforms to improve the economy’s resilience to shocks while keeping the debt burden stable,” Moody’s said. “We expect the government […]
The African Development Bank Group approved a €70-million financing facility for Bank of Africa Maroc (BOA) to promote access to financing African trade. The package comprises a €50 million Risk Participation Agreement (RPA) and a €20 million Trade Finance Line of Credit (TFLOC), the AfDB said in a press release. “The African Development Bank, rated […]
Morocco’s OCP group has selected Scottish mining technology Company Weir to provide energy efficient, sustainable solutions to the next phase of OCP’s Benguerir and Louta greenfield phosphate projects. Under a £25 million contract, Weir pledges to support the continued construction of the Louta project and the trebling of production from the Benguerir project, where Weir […]
Egypt’s total public debt fell by 2.1 percent in the final quarter of the 2023/2024 fiscal year, according to the Ministry of Finance. By the end of June, the debt had decreased to LE 12.52 trillion from LE 12.78 trillion recorded in March 2024. This reduction was primarily driven by a 2.7 percent decline in […]
Sahel States have lauded King Mohammed VI’s initiative aiming to facilitate their access to the Atlantic Ocean, as a “highly important strategy” for co-development and prosperity in the region and as a move that will help the Sahel states diversify their sources of access to the Atlantic. This came in a joint communiqué released following […]
Kenya is seeking a financing of $1.5 billion from the UAE to bolster its public finances, Reuters and Bloomberg reported, citing sources. Kenya has sought to curb its widening fiscal deficit and growing debt servicing by tax hikes which triggered the most violent protests in the country’s history. A delay in reaching a financing deal […]
A meeting held in London on Friday explored ways for Moroccan expatriates to make the most of the measures put in place by Morocco to increase their investments in their country of origin. Held under the theme “MDM Investments: New Challenges, New Financing, Institutional Responses,” the event is part of a series of conferences initiated […]
Morocco is developing its defense industry to reduce its dependence on foreign weapons purchases and strengthen its military capabilities to counter threats to its national security. After it adopted the legal frameworks governing military industry clusters and established military industry zones, the North African Kingdom attracted India ‘s “TATA Advanced Systems”, which has become one […]
The European Bank for Reconstruction and Development (EBRD) has adjusted Egypt’s economic growth projection upward, anticipating a 4% increase in FY2024/2025, indicating a positive recovery trajectory. Growth for FY2023/2024 was revised to 2.7%, with GDP expansion expected to reach 3.2% in 2024 and 4.5% in 2025. Inflationary pressures have moderated, with inflation declining to 25.7% […]
The Central Bank of Libya (CBL) has announced an extension for the circulation and acceptance of the first and second editions of its 50-dinar banknotes, providing relief to both Libyan citizens and financial institutions amid ongoing economic challenges. This move aims to mitigate concerns over the potential disruption caused by the withdrawal of the banknotes. […]