First Independent Mena Newspaper
King Mohammed VI said Morocco will inject 120 billion dirhams (12.8 billion dollars) as a post-coronavirus crisis stimulus package to offer incentives and come up with solidarity measures to support businesses, especially small and medium-sized enterprises. The package represents 11% of Morocco’s GDP, “a proportion that will place Morocco at the forefront of the most […]
King Mohammed VI of Morocco urged the government to step up reforms to foster social and territorial justice with a particular focus on expanding social welfare protection to cover all Moroccans. “I call on the Government and on economic and social actors to be effectively engaged in this endeavor, and to show a sense of […]
King Mohammed VI decided to create an ad hoc committee to investigate dysfunctions relating to a probe by the competition council, a statement of the Royal Office said. The Competition Council, which has been entrusted with ruling on the alleged uncompetitive practices used by fuel distributors, is thus removed from the case. The ad-hoc committee […]
French dairy Lactalis Corporation has threatened to end operating in Algeria as it fusses about obstruction of its activities in the North African country by a group of workers who have closed the factory over what the firm calls “personal interests”. The small group of workers has unlawfully seized the factory and prevented other colleagues […]
Morocco’s phosphates producer OCP group said it will challenge a petition filed by its competitor Mosaic aiming to impose anti-subsidy duties on OCP’s fertilizers exports. OCP has said in a statement that since receiving this petition, it has cooperated with the American authorities, who are evaluating whether the petition warrants investigation, and will challenge the […]
The African Development Bank granted Morocco $1.1 billion in loans over the last 8 months to finance strategic sectors, head of the bank’s branch in Morocco Leila Farah Mokkadem said. “Morocco is a country with which we have enjoyed close ties for five decades,” she told MAP, adding that Morocco is the bank’s first client. […]
The European Bank for Reconstruction and Development (EBRD) approved on Thursday a $100 million loan to Moroccan “Banque Centrale Populaire (BCP) to support local small businesses affected by the coronavirus pandemic. The loan is the second to the country under the EBRD Solidarity Package, set up to meet the immediate short-term financing needs of existing […]
Germany will extend Morocco loans and grants worth €701.3Mln within the framework of financial and technical cooperation between the two countries. Three agreements related to the funding were signed Wednesday in Rabat by Minister of Economy and Finance Mohamed Benchaaboun, and Germany’s Ambassador to Morocco Götz Schmidt-Bremme. The agreements reflect the excellence of cooperation relations […]
Like other airlines across the globe, the coronavirus pandemic has disrupted the plans of Moroccan airline plans for regional expansion pushing it to cut staff, axe routes and adopt painful austerity measures. The company plans to lay off 750 employees including 150 pilots, in a move that is met with fierce resistance from unions. The […]
Morocco’s competition council will unveil this week a heavy fine against fuel distributors that amount to 10% of their turnover for uncompetitive practices, local Moroccan media reported. Citing a source close to the matter, le360.ma said the fine could amount to 4 billion dirhams ($400 million). The council’s board will meet on Thursday to make […]