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IMF Agrees on $5 Billion Credit Line for Morocco

Washington- The International Monetary Fund (IMF) said on Monday it will provide Morocco a $5 billion credit line to help the North African country pursue a reform agenda to achieve rapid and more inclusive economic growth. The PLL arrangement will allow the authorities to pursue their home-grown reform agenda aimed at achieving rapid and more inclusive economic growth while providing them with useful insur ...

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Canadian IOC joins the search for oil and gas in Morocco

Marrakech - A new international oil and gas exploration company has joined the search for hydrocarbons in Morocco. The oil and gas production and exploration company Maxim based in Vancouver, Canada has announced on its website that Maxim and its partner Office National des Hydrocarbures et des Mines (ONHYM) have applied to the Ministry of Energy, Mines, Water and Environment for a reconnaissance concession ...

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The Moroccan Competition Council Slams the Rise in Milk Prices

Fez -The Moroccan Competition Council argued that some sources suggest that milk manufacturers have colluded to artificial raise prices. In August 2013, Central Laitière, a market leader in the dairy industry, raised their milk prices. Other operators followed suit. The milk manufacturers used high costs of production to justify the increase. The Moroccan Competition Council issued a report on Friday about ...

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EU Grants Morocco 890 Million Euros for 2014-2017 Period

Brussels - The European Union decided this Friday to grant Morocco a budget of 890 million euros for the 2014-2017 period, as part of the European neighborhood and partnership instrument. Head of Morocco's mission to the EU, Menouar Alem, said this is an increase of 15% -on annual average- compared to the amount of the 2011-2013 period (580.5 million euros) The budget will be disbursed in four annual parts ...

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Moroccan banks suffered from difficult economic environment in 2013

Casablanca - Moroccan banking activities suffered in 2013 from the impact of a difficult economic environment, said on Thursday in Casablanca, Lhassane Benhalima, banking supervision manager at central bank "Bank Al-Maghrib" (BAM). Banking activities in 2013 were marked by a sharp decline of loans compounded with mounting non-performing loans and a slowdown in non-agricultural activities, as well as difficu ...

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Chinese Group Shandong Shangang to Invest in Tangier

Tinjedad, Morocco- Morocco and China signed Tuesday in Rabat a memorandum of understanding on the establishment of a unit of the Chinese group Shandong Shangang, a leader in the manufacture of steel products, in the free zone of Tangier Automotive City (TAC) located in the north of Morocco. According to the African agency Agence Ecofin, the Chinese Shandong Shangang group, a world leader in the manufacture ...

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Morocco’s Grain Output Falls to 68 Million Quintals in 2014

Rabat - The grain output fell to 68 million quintals in 2014 compared to 97 million quintals in 2013 (an exceptional crop year), Agriculture and Fisheries minister, Aziz Akhannouch, said here Tuesday. During this crop year, farmers harvested 37 million quintals of wheat, 17 million quintals of barley and 14 million quintals of durum wheat, the minister pointed out in a meeting. "The good distribution of rai ...

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Net income of Maroc Telecom down 12.7 % late June 2014: CEO

Rabat - The net income of telecommunications operator "Maroc Telecom" reached 3.073 billion dirhams during the first half of 2014, a decrease of 12.7 % year-on-year, announced, on Monday evening in Rabat, Chairman and Chief Executive Officer of Maroc Telecom, Abdeslam Ahizoune. Ahizoune, who was presenting at a press conference the group's net profit for the first half of 2014, noted that the company achiev ...

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Morocco: Four Regions Contribute to Half GDP Growth

Casablanca - The High Commission for Planning (HCP) has recently published its 2012 regional accounts report, which clearly shows large inequalities and gaps between the regions' participation in maintaing Morocco’s wealth. According to the report, only four regions (Casablanca, Rabat-Salé-Zemmour-Zaer, Haouz -Marrakech –Tensift and Chaouia-Ouardigha) contribute to more than half of the national wealth.Mehd ...

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Morocco’s Economy to Grow 3.5 pc in 2014

Rabat- Morocco' economy will grow by 3.5 percent this year, Economy and Finance minister, Mohamed Boussaid, announced Thursday in Rabat. Despite a decline in agricultural value-added, all activity sectors excluding agriculture increased in the first half of 2014, notably the automotive industry, aviation, textile and electronics, Boussaid said before the cabinet meeting. In the tourism sector, tourist arriv ...

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Morocco, most attractive north African destination for aircraft manufacturers, Aerolia Group CEO

London - Morocco is the most attractive destination in North Africa for aircraft manufacturers across the world, said, on Wednesday in Farnborough (35 km south of London), CEO of Aerolia Cédric Gautier. Aerolia chose to gain a foothold in Morocco due to simplified procedures for investors, support services, modern infrastructure and facilities, and the robust industrial supply chain available in Morocco, Ga ...

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Morocco’s RAM Named Best Regional Airline in Africa

Fez - Royal Air de Maroc (RAM) was awarded Africa’s best regional airline for 2014 by Skytrax at the World Air Line Awards in Farnborough on Tuesday. Royal Airlines Morocco landed in sixth place for the quality of the services provided by its staff. It also ranked 7th best airlines in Africa after South Africa Airways, Air Mauritius, Air Seychelles, Ethiopian Airlines, Kenya Airways and TAAG Angola Airlines ...

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