First Independent Mena Newspaper
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 […]
Côte d’Ivoire’s economic hub Abidjan will host on October 3-5, the African Development Bank Group’s fifth Africa Resilience Forum, a summit to explore innovative solutions to fill the financing gaps for African countries experiencing conflict and facing increasing insecurity. “The event will also advance discussion on how to mobilize resources at scale at the nexus […]
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 […]
The Spanish aerospace group Aciturri Aeroengines moved into Casablanca following the acquisition of the Moroccan company GOAM Industrie. “Aciturri Aeroengines has officially acquired GOAM Industrie, a manufacturer of engine components located in Casablanca’s Midpark, specializing in the production of turbine and aircraft engine parts,” stated the Spanish group in a statement posted on the social […]
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 African Continental Free Trade Area (AfCFTA) has potential to increase cross-border remittances by migrants, according to a new report by World Bank, even as international markets remain the largest sources. The AfCFTA has the potential to make cross-border transactions such as remittance transfers by migrants within Africa cheaper through the Pan-African Payment and Settlement […]
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 […]
Mauritania has extended for six months the Memorandum of understanding (MoU) with the Egyptian Arab Contractor company to build a tramway in capital Nouakchott, local media report. The extension was enacted by Minister of Equipment and Transport Mohamed Ali O. Sidi Mohamed, who said the move is meant to enable the company to finalize the […]