Browsing: Morocco

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? …

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 …

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 …

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 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. (https://kadence.in/)

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. (https://vivanteliving.com/)

The central bank also added that inflation is expected to continue evolving …

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 …

Mozambique, Angola, Namibia, Ethiopia, Zambia, Rwanda, Uganda, Egypt, Tunisia, Algeria and Morocco.

These are the African countries set to be allowed to enter the EU territory as the borders reopen in July, according to a draft list of the countries obtained and reported by euronews.

As the European Union gets ready to reopen its borders, officials in Brussels are debating behind closed doors, the draft of two lists; one with those countries that will be accepted, and one for those which will not, as the territory struggle to meet their previously announced July 1st goal.

The euronews sources also reported that officials “could not reach an agreement”, that talks would continue and that the deadline to open the borders may very well be extended beyond July 1st, suggesting agreements will not be forthcoming in time.

Also read: Air passengers travel confidence key to salvaging African airlines

Notably, Brazil, Qatar, …

The World Bank approved $48 million loan to Morocco to help the country in dealing with the effects of the COVID-19 pandemic as it relaxes restrictions in a bid to reopen its economy. 

The loan is part of World Bank’s ongoing programme approved in 2015 for Results project which aims at supporting primary health care services. 

The international financial institution said that through project restructuring, a total of $13.01 million is in undisbursed funds under the programme. The bank further said that from the WBG Fast Track Covid-19 Facility, an additional of $35 million will support Morocco’s COVID-19 health sector response by strengthening detection, prevention, case management and surveillance. 

According to World Bank Maghreb country director, Jesko Hentschel, Morroco’s government had already taken significant measures to contain the outbreak of the pandemic and lessen the impact on vulnerable households and sectors. 

Hentschel also said that the country …

The Moroccan planning agency revealed on Wednesday that, the country’s unemployment rate slipped to 9.2 per cent in 2019 from 9.5 per cent in 2018. This was attributed by the offset labor gains in town and cities, after heavy job losses within the rural areas, Reuters revealed.

Morocco which is now run under a new coalition-government, its economy was spotted by World Bank (in October 2019) to be slowing down below its potential constrained by a volatile, rain-fed, agricultural sector and slow growth in the tertiary sector.

According to World Bank, real GDP slowed to 2.7 per cent in 2019, while non-agricultural growth improved by 3.4 per cent (compared to 3 per cent in 2018), driven by the better performance of phosphates, chemicals, and textiles.

READ U.S.-Africa Business Summit 2020 to be hosted in Morocco

In addition, the government is currently working to develop a new model of economic development …

European Union (EU) financial aid for Morocco for the year 2014 to 2018, provided limited added value and ability to support reforms in the country, according to a new report from the European Court of Auditors (ECA).

The auditors said that the European Commission addressed the needs identified in national and EU strategies, but it spread the funding across too many areas, which may have weakened its impact.

The auditors also found the Commission’s management of budget support programmes for Morocco being affected by weaknesses in the way they were designed, implemented and monitored and also in the assessment of results.

Also Read: European Union out to get more Kenyans study abroad

The European Union is Morocco’s biggest donor of development aid. For the period between 2014-2020, the Commission programmed €1.4 billion of aid, mainly for the three priority sectors the rule of law, social services and sustainable growth.

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