Browsing: Morocco

Packaging of cannabis for exportation.

In June 2020, South Africa got the trial of marijuana off the ground as part of the six herbs that could effectively fight the COVID-19 pandemic.

A 2020 report by the research firm estimates that the marijuana market will be based majorly in the following five countries.

Market size would generate as follows if the required legislations take effect:  Nigeria (US$3.7 billion), South Africa (US$1.7 billion), Morocco (US$900 million), Lesotho (US$90 million), and Zimbabwe (US$80 million).…

  • North Africa GDP was negative -1.1 per cent (2020) and -5.1 percentage point drop over 2019
  • But the region is expected to recover pre-pandemic, propelled by oil and tourism industry
  • Vaccination is still an important element in supporting the region towards recovery

The African Development Bank (AfDB), one of Africa’s multilateral development finance institutions, has released its 2021 edition of the North Africa Economic Outlook published on November 3, noted several interesting developments, including the potential for the economy to rebound attributed to performance in oil and tourism.

The COVID-19 pandemic trapped North Africa in economic uncertainty, as growth was hugely affected, causing serious shocks in oil prices and a drop in tourism.

The bank report noted that real GDP growth was negative in 2020 at – 1.1 per cent and – 5.1 percentage point drop over 2019. This situation pulled different sorts of reactions to curb the impacts, such …

A research lab. Many African governments don’t spend a significant percentage of their GDP on research.

In most OECD countries, commercialization of research and innovation is very commonplace and is a foundation to establish national, region and global tech and industrial titans.
Where is Africa with this strategy? And, how can Africa engage and attract its diaspora professionals to scale ground breaking research innovations that can scale and solve local problems?
Furthermore, these African researchers work on projects that have the potential to impact Africa and mankind. Think about all the lifesaving medications we take every day, yes, an African researcher may have research or an innovation in Life Science that could save thousands or even millions of lives per year. In tropic Africa, we have the largest biodiversity in the world – can an enzyme from a plant with the help from the latest Artificial Intelligence, come up with the next billion-dollar drug? …

The Moroccan government is now shifting focus to developing its south which in other words was neglected development wise.

The south of Morocco, has largely benefitted the country from its number of natural resources which includes Pelagic fish, solar power, and mineral reserves hence the government’s efforts to transform this region will not only improve the living standards of its citizens but also open new business opportunities.

With some of the richest fishing waters in the world, desert and coastal scenery, and opportunities for agricultural development and mining exploration, Morocco’s southern provinces have solid resources on which to base growth.

Phosphate reserve which is found in the southern region produced nearly 2 million tons to the Moroccan economy in 2018 according to Forbes.

The government is on target to transform the region from being resource-based to a wider development framework. The new ambitious development model for Morocco consists of a …

African Ministers and Heads of Delegation of Ministries in charge of Housing and Urban Development, African Finance Ministers, the Directors and Management of Shelter Afrique, and representatives of international, regional and national institutions, the private sector and civil society, have agreed to enhance mechanisms for the mass production of decent and affordable housing in the continent to achieve social and economic development.

During a three-day summit at the 40th Annual General Assembly of shelter-Afrique that was held in Yaunde Cameroon, the participants resolved to address the challenges that have hindered the efforts to provide decent and affordable housing in Africa.

In a research concluded by the Shelter-Afrique, a pan African housing finance and development institution, shows that the overall shortage of housing in Africa is estimated at 56 million housing units with out of this, more than 90 per cent are in affordable housing bracket.

The Managing Director …

Remittance flows to the Middle East and North Africa (MENA) region increased by 2.3 per cent to record about $5.6 billion in 2020 according to a report by World Bank.

The press release from World Bank noted that strong remittance flows to Morocco and Egypt strongly contributed to the growth.

In 2020, flows to Morocco rose to 6.5 per cent while flows to Egypt rose by 11 percent to record a high of nearly $20 billion. Tunisia also recorded an increase of 2.5 per cent.

According to the statement, other economies in the region experienced losses in the same period such as Iraq, Lebanon, Djibouti and Jordan which led to a double-digit decline.

With weak outflows from the Gulf Cooperation Council (GCC) countries and moderate growth in the Euro area, remittances are likely to grow in 2021 by 2.6 percent.

In the fourth quarter of 2020 the cost of sending …

EBRD supports three Moroccan enterprises with €300m loans

The European Bank for Reconstruction and Development (EBRD) mobilized €300 million worth of loans to three public enterprises in Morocco to help them recover from the COVID-19 crisis.

The enterprises set to benefit from the loan are the National Company of Highways of Morocco (ADM), the National Airports Office (ONDA) and the National Office for Electricity and Drinking Water (ONEE).

According to a joint press release from EBRD and the Ministry of Economy and Finance, the cooperation with EBRDD is part of efforts undertaken by the ministry to support Public Enterprises and Establishments to counter the impacts of Covid-19 crisis. The ministry is focusing on mobilizing funds for the cash for needs.

The funds will also support technical assistance to help the three entities modernize their governance.

The €300 million loans were signed Morocco’s minister of Economy and Finance Mohamed Benchaâboun on behalf of the three entities.

Benchaaboun …

European Investment Bank €200m to support Agriculture in Morocco

The European Investment Bank (EIB) and the Crédit Agricole du Maroc Moroccan bank (CAM) signed an agreement of €200 million to support companies in Morocco in the bio-economy and agriculture sector.

The grant was signed in the presence of Aziz Akhannouch, the Moroccan Minister of Agriculture, Fisheries, Rural Development, Water and Forests, the European Investment Bank (EIB) and CAM, represented respectively by Emma Navarro, Vice-President and Tariq Sijilmassi, Chairman of the Management Board.

The grant is also intended to accompany Morocco’s ‘Green Generation 2020-2030’ which is Morocco’s new agricultural development strategy that aims to double the country’s agricultural GDP and agricultural exports. This strategy aims to create 350,000 jobs in the next 10 years.

According to the statement, EIB and Credit Agricole are targeting “productive investments that generate jobs and added value, fully in line with the ambitions of “Green Generation 2020-2030”.

According to a joint press release from EIB …

Morocco’s GDP to drop by 6.3%  in 2020

Morocco’s Gross Domestic Product (GDP) is expected to fall by 6.3 per cent this year before recovering quickly and rebounding by 4.7 per cent in 2021 according to Morocco’s central bank, Bank Al-Maghrib.

According to Bank Al-Maghrib, like all countries around the world, the Moroccan economy has been affected by COVID-19 pandemic and the lockdown measures put in place to prevent the spread of the deadly virus.

While continuing to monitor the economic and financial situation closely in the country and at the international level, the bank decided to maintain its key rate unchanged at 1.5 per cent.

As a result of higher volatile food prices, the Moroccan Consumer Price Index rose by 0.9 per cent in August after its stagnation in the second quarter and its slight year-on-year decline in July.

The central bank also added that inflation is expected to continue evolving at low levels, averaging 0.4 per …

European Investment Bank Unlock finance for post-pandemic recovery

The European Investment Bank (EIB) board of directors approved $14.9 billion to finance post-pandemic recovery projects and climate action around the world. 

The new financing includes more than $3.67 billion of COVID-19 related investment aimed at strengthening public services, improving public health and back investment into companies in sectors hardest hit by the pandemic. 

The bank has approved $23.8 billion since the pandemic began to enable public and private partners around the world to address challenges in health, social and economic aspects. 

The EIB board of directors agreed to back investment in telecommunications, agriculture, housing, water and urban development across Asia, Europe, Africa, and Latin America. 

Werner Hoyer, EIB President said fighting climate change and tackling the pandemic has to go hand-in-hand to achieve a green recovery. He also said that this money would be invested in sustainability and innovation efforts and be used to minimize the impact of climate