First Independent Mena Newspaper
The pandemic and the restrictive measures related to it have taken a toll on Moroccan firms with 38% having been forced to cut staff while 8% have suspended activity waiting for better conditions, Morocco’s statistics agency (HCP) said. Some 83% of all enterprises maintained business despite Covid-19 while 2.2% halted activity all together, the agency […]
The European Investment Bank (EIB) will support income-generating microcredit activities in Morocco with a €10 million loan. The loan to be extended to the financing company of microfinance organizations “Jaida” will strengthen the company’s capacity to finance microfinance institutions in Morocco and support its action meant to promote financial inclusion and social development, said a […]
Mauritania has signed the Agreement for the Establishment of the Fund for Export-Development in Africa (FEDA), a development impact-oriented subsidiary of the Afreximbank. Mauritania becomes the second signatory of the FEDA Establishment Agreement after Rwanda which signed it in November 2020, afreximbank announced in a press release. To complete the FEDA Legal Establishment, […]
All port activities in Tangier Med have posted sustained growth in 2020, thus allowing the port complex to uphold its position as the leading container port in the Mediterranean basin. The overall tonnage processed during the past year stood at 81 million tons, an increase of 23% compared to 2019, said the Tangier Med Port […]
Morocco’s tourism revenues dropped by 51% in the first eleven months of last year under the impact of the pandemic and travel restrictions, the finance ministry said. The drop was attenuated 76% a month earlier, thanks to arrivals by Moroccan expatriates. In terms of arrivals however, Morocco registered only 142,000 tourists, down 82% compared to […]
Time and money are running out for Algeria as it eats into its foreign reserves trying to avert the inevitable: bankruptcy. The country’s Prime Minister Abdelaziz Djerad has ordered an urgent spending cut to try to offset falling income from oil and gas. An unexpected rise in spending in 2020 due to the […]
The Covid-19 pandemic has dealt a severe blow to African transporters, who in 2020 experienced a historic drop in business. According to data published by the International Civil Aviation Organization (ICAO) last week, they have lost $14 billion in revenue in passenger transport over the past year. In 2020, the continent’s airlines recorded a drop […]
Polish manufacturer of professional luminaires and lighting systems, LUG Light Factory, on Thursday signed a declaration of intent to invest in Morocco’s Southern provinces. The document declares the company’s intent to open a production unit of 1electrical equipment, as part of a joint venture with a local operator. The President of the Polish group, Ryszard […]
Nexans has inaugurated this Tuesday a new plant for the Telecom Systems Business Unit in Nouaceur, strengthening thus its industrial presence in Morocco. The new plant will serve the European market, as well as the North African market, the Paris-headquartered global company in the cable and optical fiber industry said in a press release. Located […]
Morocco has joined the Bloomberg African Bond Indices (ABABI) of the African Development Bank (AfDB). Mauritius also joined the index set up in 2014 by the African bank and Bloomberg to provide investors with a reliable tool designed to measure and track the performance of Africa’s bond markets. Starting January 2021, Mauritius and Morocco have […]