Category: Business

Casablanca - The Casablanca Stock Exchange opened in good spirits on Wednesday, with its main index, the MASI, up 0.16% at 13,397.51 points. On Tuesday, the MASI had closed with a gain of 0.1%. Source: Agence Marocaine De Presse

Dallas - The Minister Delegate in charge of Investment, Convergence and Evaluation of Public Policies, Mohcine Jazouli, highlighted, Tuesday in Dallas, the main assets that make Morocco an attractive destination for investments. 'Bolstered by His Majesty King Mohammed VI's visionary long-term outlook, Morocco has gained extensive experience and earned robust international credibility on this front', the Minister Delegate said during a high-level roundtable co-organized by the pan-African infrastructure investment platform 'Africa50' as part of the US-Africa Business Summit (May 6-9). He underlined that Morocco over the past 25 years has made resolute choices in favor of Africa, economic openness and also in favor of investing in infrastructure that is built to the best international standards. During this meeting held under the theme 'African Infrastructure Investment: Impacts and Returns', Jazouli noted that thanks to these initiatives, Morocco today leads Africa in automotive, aerospace, and textile indu stries, and ranks second in pharmaceuticals and outsourcing. Moreover, the development of big projects related to renewable energies, coupled with His Majesty the King's forward-thinking vision, now places Morocco at the forefront of global energy transition, he said, adding that the economic future of the Kingdom is being written in green ink. The Minister Delegate further pointed out that Morocco is experiencing a significant surge in private investment, particularly in sustainable initiatives such as electric mobility and green hydrogen technology. 'This influx of private investment has surpassed expectations, leading to new demands for green infrastructure: renewable energy, electrical grid, seawater desalination, airports, ports, and more', he indicated. He also affirmed that the flagship events that the Kingdom will host such as the co-organization of the FIFA World Cup in 2030 underscore the need for green infrastructure including schools, universities, hospitals, stadiums, high-speed trains and be yond. Referring to the sources to finance these large-scale projects, the Minister Delegate said that Morocco has established an attractive regulatory framework for investors, offering fiscal incentives and guarantees for strategic infrastructure projects. 'We have forged unprecedented public-private partnerships, leveraging diverse and sophisticated vehicles to mobilize resources and balance risks. This makes possible public-private partnerships that were unimaginable just a few years ago, in unprecedented domains both in Morocco and internationally', he continued. Jazouli recalled that the Kingdom has recently initiated the development of a 1500 km electric transportation line connecting Dakhla in the southern region of the country, leveraging the best combination of wind and solar energy worldwide, to the north, where industrial consumption hubs are located. Additionally, the Mohammed VI Sovereign Investment Fund, with an initial public capitalization of $1.5 billion, aims to raise at least three times more in private capital, he added, saying that the Fund's mandate includes stimulating Morocco's equity market with notable entities like Africa50, yet harboring considerable potential for growth. During the meeting, the Minister Delegate reaffirmed Morocco's unwavering commitment to Africa's infrastructure development, recalling that many Moroccan companies participate in this dynamic across the continent. He concluded by indicating that Africa must trust Africa as emphasized by His Majesty King Mohammed VI. Source: Agence Marocaine De Presse

Fidelity Bank Plc in partnership with Abbasid Charity Foundation and Sen. Wadada Ahmed have distributed food palliatives to no fewer than 1,000 families in Keffi, Nasarawa state. Distributing the food items on Wednesday, Ms Victoria Abuka, the Team Lead, Corporate Social Responsibility, Fidelity Bank said the gesture was to cushion the effects of the high cost of food items. She added that the gesture was part of the bank's initiative known as, ''Fidelity Food Bank'. Abuka said the initiative which commenced in April, 2003, was aimed at contributing to food security in the country. She said that since the inauguration of the initiative, over 100,000 food packs had been distributed across the country. 'One of the major problem in the country now is food. People are hungry and it is difficult to pursue dreams and aspirations. 'That is why Fidelity Bank, as a socially responsible organisation, started the initiative for food distribution to families in dare need of food. 'We have visited over 100 communit ies across the country,' she said. Abuka said the bank was working with 19 partners who identified communities to benefit from the initiative. Hajia Hauwa Abbas, the Founder of Abbasid Foundation, said the food drive started when she was chosen as the bank's food bank ambassador in the North. She listed some of the beneficiary states to include Jigawa, Zamfara, Zaria, Kebbi, Bauchi, Kano and the Federal Capital Territory (FCT). 'I am very pleased with Fidelity Bank because as much as they are collecting money from us, they are giving us back, especially women. Sen. Ahmed Wadada, representing Nasarawa West Senatorial District, said he partnered with the Fidelity Bank's drive to provide food for his people. Wadada, represented by his wife Zainab, said the move was in continuation of his philanthropic gesture to his constituents especially orphans and widows. 'We are here today to give back to our people and considering the hardship in the country, this is the little that we can do. 'I appeal to well-mea ning Nigerians to try and collaborate to see how we can help the people that do not have some of the opportunities that we have,' he said. Mrs Susan Nyikwagh, a recipient of the food pack, commended the bank and other partners for the gesture. 'I am so happy for receiving this gift in a time like this when things are not easy. 'The bank and their partners are wonderful,' she said. The News Agency of Nigeria (NAN) reports that the food pack contained one kilogramme of rice, garri and packs of indomie. Source: News Agency of Nigeria

The Nigeria Labour Congress (NLC) has rejected the recent directive by the Central Bank of Nigeria (CBN) of 0.5 (0.005) per cent Cybersecurity Levy on electronic transfers. Mr Joe Ajaero, NLC President stated the NLC position in a statement on Tuesday in Abuja. Ajaero was reacting to a recent circular issued by the CBN, mandating banks and payment service operators to effect the deductions, effective in two weeks. The CBN has said that the move, 'ostensibly aimed at bolstering cybersecurity measures, threatens to exacerbate the financial strain already faced by the populace'. Ajaero said the NLC vehemently condemned the directives and therefore called for immediate stoppage and reversal of the policy. According to him, this levy, to be implemented by deduction at the transaction origination, is yet another burden on the shoulders of hardworking Nigerians. 'The Nigeria Labour Congress recognises the importance of cybersecurity in today's digital age. 'However, imposing such a levy on electronic transact ions, without due consideration for its implications on workers and the vulnerable segments of society, is unjustifiable. 'This levy stands as another tax too much for Nigerians, burdening them with additional financial responsibilities. 'We see in this levy as another gang up by the ruling elite to continue its extortion and exploitation of hapless and helpless workers and the masses,'he said. He noted that while the CBN had exempted interbank transfers and loans transactions from the levy, the broader impact on everyday transactions would not be overlooked. He added that such deductions directly affect the disposable income of workers and further diminish the purchasing power of the common citizen. The NLC president also noted that domestic manufacturers and other businesses were already shuttering as a result of the stifling socio-economic environment. He added that, yet, instead of creating a business-friendly environment to encourage greater investments in the economy, the opposite seems to be what is being practised. Ajaero, therefore, called on the Federal Government to reconsider the directives and prioritise policies that alleviate the financial burdens of Nigerians. 'We urge a collaborative approach between the government, regulatory bodies, and stakeholders to develop sustainable cybersecurity measures that do not unduly burden the populace. 'We reiterate our commitment to championing the rights and welfare of Nigerian workers and masses,' he said. Source: News Agency of Nigeria

Rabat - The financing of social protection was the focus of talks held on Tuesday in Rabat between the Minister of Economy and Finance, Nadia Fettah, and Gilbert Fossoun Houngbo, Director General of the International Labour Organization (ILO), who is visiting Morocco. In a statement to MAP at the end of these talks, Houngbo praised Morocco's efforts in the field of social protection, and in implementing the Social State. 'We are aware that Moroccan authorities place a great emphasis on the Social State, and that the various social protection programs are costly to the budget,' he said, adding that discussions with Fettah focused on the measures that the Ministry of the Economy is taking in this direction. He also stated that this meeting provided an opportunity to review the challenges facing Morocco, particularly in the wake of rising inflation and the COVID crisis. The ILO Chief emphasized the need to strike the right balance between economic policies, particularly those designed to encourage youth entr epreneurship, and social policies. 'On the one hand, we want better social protection, and on the other, we need to generate employment and help finance this social protection, while promoting inclusive economic growth,' he explained. This visit was an occasion for Houngbo to meet several ministers and officials as well as to take part in a Tripartite High-Level Event on the Social State and Social Dialogue, and a High-Level Round Table on Social Justice and Changes in the Labor Market. Source: Agence Marocaine De Presse

Rabat - Morocco's Head of Government Aziz Akhannouch received, on Tuesday in Rabat, International Labour Organization (ILO) Director-General Gilbert Fossoun Houngbo, currently visiting the Kingdom for the first time since becoming Head of the organization. This meeting, held in the presence of the Minister for Economic Inclusion, Small Business, Employment and Skills, Younes Sekkouri, is part of a shared desire to strengthen cooperation between Morocco and the ILO, which in recent years has been marked by a spirit of continuity and coordination, says a press release from the Head of Government's Department. During this meeting, Akhannouch underlined the dynamic reforms underway in the Kingdom under the enlightened leadership of HM King Mohammed VI, may God preserve Him, notably in terms of social protection, the implementation of structuring projects, the promotion of productive employment and the creation of decent job opportunities. During the last two years, Morocco was able to institutionalize social d ialogue and turn it into a mechanism for generating gains and reforms, said the Head of Government, quoted in the press release. Akhannouch pointed out that the government had recently signed the April 2024 session agreement, alongside the central trade unions and workers' professional organizations and associations. This agreement is of great importance in terms of improving the incomes of civil servants and wage earners, as well as implementing a number of labor-related reforms and legislation, in line with the provisions of the Constitution and international legislation in this field, and within the framework of a participatory approach with social and economic partners. For his part, Houngbo stated that the Moroccan government's priorities are in line with those established by the ILO, adding that the meeting was an opportunity to learn about the major projects initiated by the government over the past 30 months, and to discuss the Executive's future plans, such as pension fund reform and the updating o f labor legislation, adds the press release. The ILO Director General also spoke of the importance the Moroccan government attaches to the continued implementation of social state projects, calling on Morocco to join the Global Coalition for Social Justice, as well as the UN Secretary-General's initiative to support the 'Global Employment and Social Protection Accelerator for Just Transitions'. The two parties also discussed the objectives of the United Nations Sustainable Development Group relating to the creation of decent work opportunities, the guarantee of health and safety, and the fight against violence and discrimination in the workplace, in addition to assessing the implementation of international standards adopted by the Kingdom, concludes the press release. Source: Agence Marocaine De Presse