First Independent Mena Newspaper
The Canada–African Development Bank Climate Fund (CACF) provides Moroccan OCP group a $18 million concessional loan to support the construction of three seawater desalination plants. In a press release issued Tuesday, CACF said the funding is destined to advance Morocco’s climate adaptation efforts as the projects will enable the North African Kingdom to produce and […]
King Mohammed VI has called for bold and innovative initiatives to encourage private entrepreneurship avail the huge business opportunities offered in the African Continent. In a message addressed to participants in the 4th Africa Investment Forum, which opened in Marrakech under the theme: “Unlocking Africa’s Value Chains”, the Monarch urged African countries to adopt an […]
The Africa Export-Import Bank, or Afreximbank, has incorporated 11 African central banks into its flagship Pan-African Payment and Settlement System (PAPSS) that offers an alternative in which participants can conduct transactions in their currencies, eliminating the necessity for a third-party currency such as the US dollar. The PAPSS is one of the Afreximbank’s efforts aimed […]
Tamer Healthcare, Saudi leading healthcare and wellness group, is close to getting 30 per cent of shares of Egyptian United Company of Pharmacists (UCP) for a transaction estimated at $35 million, reports say. The US-based AmerisourceBergen is relinquishing 30 per cent of its 50 per cent of UCP to Tamer, a source told Asharq Business, […]
Moroccan banks’ profitability continued to recover strongly in 1st half of 2023, with aggregate net income reaching record levels, says Fitch rating agency, noting that the positive trend should continue in 2nd semester due to higher interest rates and loan book growth. The seven largest banks’ aggregate net income increased by 28% yoy in 1st […]
Morocco’s OCP Group, the world’s largest phosphate-based fertilizer producer, the Mohammed VI Polytechnic University (UM6P), and Regrow, an American startup invested in the agricultural field, last week, signed a strategic partnership to develop a Measurement, Reporting and Verification (MRV) system specific to African soil. The system is based on the “DNDC” (DeNitrification-DeComposition) biogeochemical model, a […]
The African Petroleum Producers’ Organization (APPO) is planning to get its first bank by June 2024 in a move to secure funding for the development of regional energy infrastructure. The organization unveiled the plan during a November 2 meeting in Benin. The bank named as African Energy Bank (AEB) would be launched no later than […]
King Mohammed VI has called for launching an international initiative to help Sahel countries access the Atlantic Ocean. In a speech marking the 48th anniversary of the Green March he delivered Monday evening, the King recalled the difficulties facing African sister countries in the Sahel. Such issues “will not be solved by security and military […]
Morocco’s King Mohammed VI urged an upgrade of Morocco’s Atlantic coast, highlighting its role in terms of human interaction and economic integration at the continental and international levels. “Just as the Mediterranean links Morocco to Europe, the Atlantic coast is our gateway to Africa and the Americas,” said the King in a speech marking the […]
King Mohammed VI delivered, this Monday evening, a speech to the nation on the commemoration of the 48th anniversary of the Green March. Here follows the full text of the Royal Speech: “Praise be to God, May peace and blessings be upon the Prophet, His Kith and Kin Dear Citizens, The Green March, of […]