First Independent Mena Newspaper
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 […]
Morocco strives to improve its competitiveness in order to outperform India and China as the most attractive hub for automotive investments, Industry Minister Moulay Hafid El Alamy said. Morocco has offered propitious conditions for car manufacturers and part suppliers in key industrial clusters in Tangier, Casablanca and Kenitra. Building on its investments in low-carbon economy […]
Algeria’s oil and gas revenues will be reduced by $10 bln to $23 billion as the country struggles with a surge in spending in a heavily subsidized economy. Algerian officials rang the alarm bell as to the deteriorating financial indicators as a result of dwindling energy revenues which represent more than 90% of exports. To […]
Maroc Telecom Group has said that its customers continue to grow (up 9.1 pc year-on-year), reaching 68.4 million during the first half of 2020. This increase is due partly to the consolidation of Tigo Chad into the Group’s since July 1, 2019. As of June 30, 2020, its mobile customers reached 19.6 million, up slightly […]
French carmaker PSA plans to speed up production at its Kenitra plant to hit the annual target of 200,000 vehicles by next September. PSA has withstood the coronavirus crisis posting sales higher than last year and taking up 46% market share in the region. Sales improved in key markets such as Turkey by 5.4%; 3.9% […]
Morocco has further loosened the restrictive measures to contain the coronavirus but calls on citizens to maintain vigilance. From this Monday, hotels are able to operate at full capacity while inter-city transport companies are allowed to fill in 75% of their capacity. Shared facilities such as restaurants and sports clubs will operate at half capacity, […]