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Finance

Intelaka Program: Over Eight Billion MAD Disbursed, Jouahri Confirms

Abdellatif Jouahri, the Governor of Morocco’s Central Bank--Bank Al-Maghrib (BAM)--disclosed that the disbursements within the framework of the integrated entrepreneurship support and financing program "Intelaka"--translated to Start--have surpassed eight billion MAD. The announcement came in a press release following the first BAM Board meeting of…

Morocco’s Budget Deficit Nears 63 Bln MAD at Year-End 2023

Morocco's budget deficit reached 62.8 billion MAD, i.e. 4.4% of the Gross Domestic Product (GDP), by the end of December 2023, said the Ministry of Economy and Finance in its Treasury situation report (SCRT) for December 2023. This figure is slightly lower than the target set in the 2023 appropriation bill (4.5% of GDP), but represents a one-point…

Abdellatif Jouahri Designated Africa’s Best Central Banker

London-based financial and international affairs magazine "The Banker," named Bank Al-Maghrib (BAM) Governor Abdellatif Jouahri "Best Central Banker in Africa for 2024" on Tuesday. The Central Banker of the Year 2024 award recognizes individuals who have done the most to boost development and stabilize their economies. For more than 20 years,…

General Tax Administration Unveils 2024-28 Revised Strategy

Morocco’s General Tax Administration (DGI) launched a 2024-2028 strategic plan based on six main priorities--including maximization of all potential sources of revenue through its joint vision--according to the institution’s report. The DGI’s new strategy for 2024-2028 builds on the strategy utilized during the 2017-2021 period. The goal is to…

Morocco-EIB Sign 100 Mln Euro Fund For Morocco’s Forests Plan

Morocco and the European Investment Bank (EIB) inked a 100-million-euro funding deal on Thursday to support Morocco's 2020-2030 forest policy strategy, the Bank announced in a press release. The funding agreement is structured around three main components: adaptation to climate change, biodiversity promotion, and institutional capacity improvement…

Germany Green Lights 250 Million Euro Loan + Seven Million Euro Grant to Morocco

Minister Delegate in charge of the Budget Fouzi Lekjaa, and Director of the KfW Office in Morocco Janne Rajpar signed three loan contracts worth a total of 250 million euros and two grant contracts worth seven million euros, in Rabat on Wednesday. The first loan is to fund the social protection project via a subsidy of 120 million euros, in…

AfDB, AGTF Fund Guercif-Nador Highway Project with 246 Mln Euros

The African Development Bank (AfDB) and Africa Growing Together Fund (AGTF) approved a 269 million euro loan to Morocco to finance the Guercif-Nador highway project (PAGN), reported AfDB on Monday. The AfBD aims to contribute 200 million euros, while the AGTF will give 46 million euros to fund the PAGN. This 104 km highway will run from Guercif,…