First Independent Mena Newspaper
Morocco’s flag carrier, Royal Air Maroc (RAM), will add four Boeing 787-9 Dreamliners to its fleet for a total cost of $1.1 bln. RAM already operates five 787-8 Dreamliners. The new Boeing planes will help the airline expand in South America, North America, the Middle East and Europe. “Our vision is to be the leading […]
France granted a 128 million euro loan to fund the locomotives that Morocco’s national railway operator (ONCF) plans to purchase as part of its development program. The loan will boost the ONCF shift to electric railway in line with Morocco’s environmental commitment. ONCF posted a net profit of 223 million Dirhams in 2016, up 31% […]
The World Bank and Morocco signed a loan agreement worth $200 million in support of the second pillar of the Green Morocco Plan, particularly in the areas of promoting citrus and olive oil industries. The loan, signed by the World Bank and the Ministry of Economy and Finance, targets small and medium sized producers of […]
The Moroccan Phosphates company (OCP) and the Indian Krishak Bharati Limited (Kribhco) will jointly build a fertilizer production unit in Andhra Pradesh state, in southern India. The $230 million worth project, co-financed by the two part-ners, will have an annual production capacity of 1.2 million tons of NPK fertilizer (nitrogen, phosphorus, potassium). The fertilizer production […]
Morocco’s Central Bank, Bank Al Maghrib, kept its benchmark interest rate unchanged at 2.25% following its board meeting on Tuesday, December 19. The Bank said inflation was expected to reach 0.7 % on average at year end, down from 1.6 percent in 2016. The bank also revised down economic growth to 4.1% this year from […]
Morocco remains the first market for US armament industry in North Africa, with sales amounting to $244 million in 2016. Moroccan media reports said that US weapons represent 96% of Moroccan weapon acquisitions in 2016 compared to 100% ($274 million) in 2015. Morocco, which earmarks 3% of its GDP to military expenditures, has an army […]
US has lifted a ban on citrus fruits originating from the fields of the eastern Moroccan region of Berkane, which was imposed on December 23, 2016, the National Food Safety Authority (ONSSA) said. The resumption of US imports of Berkane’s citrus was based on the results of an inspection conducted by US experts from the […]
The executive board of the International Monetary Fund (IMF) commended Morocco for its “sound” macroeconomic policies and reforms while stressing the need for structural reform efforts. “Executive Directors commended the authorities for the sound macroeconomic policies and reform implementation that have helped improve the resilience of the Moroccan economy, upgrade the fiscal and financial policy […]
The Association of African Development Finance Institutions (AADFI) crowned Crédit Agricole Du Maroc, as the Best Development Finance Institution (DFI) in Africa in 2017. “Crédit Agricole Du Maroc” came ahead of 33 best-performing DFIs in the continent ranking first on the 2017 AADFI Honor Roll. The Moroccan bank was distinguished for its performance regarding AADFI […]
Casablanca city authorities are mulling the launch of a monorail or an aerial subway to help ease traffic congestion for its over 5 million inhabitants. After the launch of the Tramway, Casablanca officials are negotiating with Chinese electric vehicle manufacturer BYD for the launch of the Monorail or the aerial subway, which are designed to […]