First Independent Mena Newspaper
The World Bank approved a first set of emergency support operations for developing countries around the world, using a dedicated, fast-track facility for COVID-19 (coronavirus) response. The first group of projects, amounting to $1.9 billion, will assist 25 countries, and new operations are moving forward in over 40 countries using the fast-track process, the international […]
Turkey’s top electronics defense contractor, Aselsan, Thursday revealed that it has received for the first quarter of the year orders estimated at $320 million despite ongoing difficult global business operations over the coronavirus outbreak. Aselsan “continued its growth trend in the first three months of 2020 without losing momentum,” the company Chairman Haluk Görgün said […]
African finance ministers have requested the support of the International Monetary Fund, the World Bank and the European Union for bilateral, multilateral and commercial debt relief amid the coronavirus crisis. The request was germinated from the second virtual meeting on Tuesday, hosted by Vera Songwe, Executive Secretary of the Economic Commission for Africa, and […]
Credit rating agency, Moody’s, highlighted Morocco’s resilience to domestic and external shocks despite coronavirus propelling fewer tourists and exports which it said will be offset by lower energy imports. It maintained Morocco’s credit profile at Ba1 stable reflecting “demonstrated resilience to domestic and external shocks,” and buoyed by access to relatively deep domestic capital markets. […]
The Central bank said it will intervene to ensure there is enough cash for banks through increasing three-fold their refinancing capacity in dirham and hard currency. The move comes as a lifeline for Moroccan banks to offset the financial repercussions of coronavirus and help them offer loans for enterprises and households, the central bank said […]
Morocco launched a platform to assist SMEs willing to transform their industries to produce protective equipment to counter coronavirus. Industry and Trade Minister Moulay Hafid El Alamy shared on his twitter account a link to a website dedicated to small businesses that want to redirect their production to manufacture equipment and products that are […]
Morocco has announced that it will spend 200 million dollars on medical equipment to counter coronavirus including the acquisition of 100,000 testing kits to be supplied by a South Korean company, local media said. The deal was sealed by Moroccan ambassador in Seoul and South Korean medical company Osang Health Care, Moroccan news websites said […]
The European Bank for Reconstruction and Development (EBRD) is helping to develop the olive oil sector in Morocco with a loan of up to MAD 55 million (€5 million equivalent) to Al Dahra Holding subsidiaries in Morocco, Al Dahra Morocco Factories (ADFAC) and Al Dahra Morocco (ADMO). The EBRD funds will finance the construction […]
As the Covid-19 outbreak is spreading quickly in Africa with nearly 3,000 infected people across 45 countries, placing strain on already fragile health systems, and dangerously threatening the continent’s economy, the African Development Bank Group is moving to provide flexible responses aimed at lessening the severe economic and social impact of this pandemic on its […]
Morocco said it will offer monthly payments to every head of a household who became unemployed due to the coronavirus lockdown which Morocco imposed from March 20 to April 20, the finance ministry said. The payments will be offered by the special fund, set up at the orders of King Mohammed VI to upgrade health […]