First Independent Mena Newspaper
OCP Africa and the International Finance Corporation (IFC), a member of the World Bank Group, have announced this Monday a partnership to strengthen value chains of rice in Côte d’Ivoire and millet in Senegal, and to help improve the living conditions of thousands of smallholder farmers. These crops, essential to ensure food security in these […]
Morocco Thursday unveiled its post-covid-19 economy recovery plan and has made reliance on domestic know-how as a cornerstone of the three-year plan (2021-2023). Moulay Hafid Elalamy, minister of industry, trade and digital and green economy, who was presenting the plan to the Moroccan employers’ union, the CGEM, indicated that the global pandemic, which has decimated […]
Morocco has completed a successful sale of a 1 billion euro two tranche bond with 5.5 year and 10 year maturity at a rate of 1.375% and 2% respectively, in a deal that reflects the trust enjoyed by the country among international financial institutions despite the difficult context of the pandemic. Demand on the bond […]
The Washington-based Corporate Council on Africa (CCA) organized Wednesday, on the sidelines of the 75th United Nations General Assembly, a conference under the theme “Partnership for economic recovery: Morocco”. Addressing the virtual conference, US Secretary of Commerce Wilbur Ross welcomed the reforms undertaken by Morocco to encourage foreign investment and improve the business climate. The […]
Morocco has mandated Barclays, BNP Paribas, JPMorgan, Natixis to hold meetings with investors for its upcoming Euro bond, Bloomberg reported. The bond will help Morocco pay back 1 billion euro bond that will reach maturity next month. Central bank governor Abdelatif Jouahri said Morocco will issue the bond this year in euro without giving […]
The European Bank for Reconstruction and Development (EBRD) announced on Wednesday a $20 million loan to the Moroccan bank, “Crédit Agricole du Maroc”, to support local exporters and importers The funds will be used to issue guarantees in favor of confirming banks and to provide cash financing for pre-export and post-import financing and for local […]
Morocco will launch two international bonds in 2020 and 2021 to lift its foreign exchange reserves and help the economy offset the fall in foreign currency in flow due to the coronavirus impact, governor of Morocco’s central bank Abdellatif Jouahri said He said Morocco should tap into the bond market as long as conditions are […]
The losses of the tourism sector since the outbreak of the coronavirus last March rose to 18.3 billion dirhams ($2 bln) down 90.1% compared to last year, the national tourism observatory reported. The figure reflects the hard blow ensued by the tourism sector which represents 7% of Morocco’s GDP and employs directly more than 500,000 […]
The Trade Alliance to Promote Prosperity (TAPP), a coalition of American companies, workers & trade associations, has voiced its opposition to increasing taxes on phosphate imports from Morocco and Russia. Such a move and hike would deal another blow to farmers, said Mr. Kent Kaiser, executive director of TAPP. His comments come after the giant […]
Morocco’s Gross Domestic Product (GDP) is expected to fall by 6.3 pc this year before recovering quickly and rebounding by 4.7 pc in 2021, said on Tuesday Bank Al Maghrib in a press release issued following its third quarterly meeting. According to the experts of the Kingdom’s central Bank, the Moroccan economy has been affected […]