Latest news with #EuropeanInvestmentBank
Maroc
5 days ago
- Business
- Maroc
Morocco Boosts Connectivity and Attractiveness Through Royal Infrastructure Push
Under the leadership of His Majesty King Mohammed VI, Morocco has undergone a major transformation of its infrastructure, establishing itself as a key regional hub for connectivity, competitiveness, and trade. Thanks to a clear and ambitious Royal Vision, large-scale development projects have multiplied across key sectors including ports, airports, roads, railways, and logistics. This momentum reflects a strategic commitment to equipping the Kingdom with modern, high-performance infrastructure that supports economic growth, territorial integration, and social inclusion, while reinforcing Morocco's role as a strategic bridge between Africa, Europe, and the rest of the world. According to European Investment Bank (EIB) President Nadia Calviño, these initiatives are part of a broader model based on strategic planning, inclusive growth, and environmental transition—values driven by the Sovereign's vision. In an interview with MAP marking the celebration of Throne Day, she reaffirmed the EIB's support for the vision of His Majesty King Mohammed VI aimed at developing greener, more resilient, and sustainable infrastructure in Morocco. Tanger-Med: A World-Class Port Hub A crown jewel of Morocco's national port strategy, the Tanger-Med complex—launched in 2007 and expanded with Tanger Med 2—has become the leading port in both Africa and the Mediterranean in terms of container handling capacity, exceeding 10 million TEUs in 2024. As a powerful magnet for international investors, the port is a key link in the national logistics chain and an integrated industrial hub, hosting over 1,100 companies across various sectors. Meanwhile, the Dakhla Atlantic Port project, currently under construction, aims to equip the southern provinces with a strategic logistics infrastructure to drive economic development. Designed as a multifunctional port with industrial, commercial, and fishing capabilities, this future facility will boost regional integration, enhance trade with West Africa, and consolidate Morocco's maritime footprint along the Atlantic. In parallel, the Nador West Med project, located on the Mediterranean coast, strengthens the resilience and capacity of Morocco's national port system. With its deep-water terminal, the project aims to relieve congestion at Tanger-Med and support industrial development in the Eastern region by creating a new logistics and energy platform—complete with a free industrial zone and oil product storage infrastructure. Motorways and Expressways for Enhanced Mobility Morocco's highway network has expanded dramatically, growing from less than 100 km in 1999 to over 1,850 km today, connecting the Kingdom's main economic and urban centers. Major projects such as the Casablanca bypass, the widening of the Rabat-Casablanca axis, and the nearly completed Guercif-Nador motorway illustrate this ongoing momentum. At the same time, the rural road program has helped lift thousands of villages out of isolation, strengthening territorial cohesion and improving access to basic services. Air Transport: Modernized and Expanded Airports Morocco has also invested heavily in airport infrastructure. Facilities such as Marrakech-Menara, Fez-Saïss, Rabat-Salé, Agadir-Al Massira, and Casablanca's Mohammed V have all undergone major expansion and modernization to meet growing passenger demand. For example, the launch of a new terminal at Mohammed V Airport is set to boost its capacity to over 20 million passengers per year. Looking ahead, the National Airports Office (ONDA) has unveiled its ambitious 'Airports 2030' strategy, which aims to triple national airport capacity from 30 to 80 million passengers annually. The goal is to support Morocco's tourism, economic, and logistics ambitions—particularly as the Kingdom prepares to co-host the 2030 FIFA World Cup with Spain and Portugal. High-Speed Rail: A First for Africa Launched by His Majesty King Mohammed VI, the Al Boraq high-speed rail line marked a historic leap forward for Morocco and the African continent. Inaugurated in November 2018, the line connects Tangier and Casablanca in just 2 hours and 10 minutes—down from nearly 5 hours previously—and has become a powerful symbol of modernity that has transformed national mobility. Building on the success of the initial phase, the Sovereign has launched a new strategic extension between Kenitra and Marrakech. By combining innovation, territorial development, and economic competitiveness, the high-speed rail program reflects an ambitious vision for a connected, inclusive, and forward-looking Morocco. An Internationally-Recognized Model Morocco's proactive Royal Vision for infrastructure has earned the Kingdom consistent recognition across Africa and beyond. International rankings regularly place Morocco among the continent's leaders in logistics connectivity, road quality, port performance, and infrastructure efficiency. Under the leadership of His Majesty King Mohammed VI, Morocco has undertaken a deep transformation of its infrastructure—laying a solid foundation for sustainable, inclusive, and competitive development. These achievements, which open up significant opportunities for present and future generations, reflect a long-term vision centered on modernity, connectivity, and the Kingdom's strong integration into the global economy. MAP: 18 July 2025
Reuters
5 days ago
- Business
- Reuters
Morningstar Sustainalytics raises EU lending arm's ESG risk score over military funding
LONDON, July 18 (Reuters) - The European Investment Bank's 'risk' score has been revised up by leading ratings provider Morningstar Sustainalytics for a second time this year due to the European Union lending arm's increasing push into military funding. Recent decisions by EU leaders mean the EIB can now directly fund military equipment makers, having only last year introduced a so-called 'dual use' financing policy for technologies such as drones or targeting systems that can also have civilian uses. Amelia Peden, Sustainalytics' lead EIB analyst said its key environmental, social and governance (ESG) 'risk' score had now moved up to 5.2 from 5, due to defence now being one of its permanent policy goals, with no ceiling on funding either. "With these additional developments, the bank further increases its exposure to human rights and geopolitical risks," Peden said, "which may lead to stakeholder scrutiny, and the potential to affect its credit risk profile in the market." Despite the increase - which followed one in January which lifted it from 4.2 - the EIB's risk remains "negligible" on Sustainalytics' scoring system and is still one of the top scorers of the near 16,000 banks, companies and other entities it rates. The EU's lending arm has a balance sheet that runs to over a half trillion euros which is bigger than the World Bank's and is aiming to lend 100 billion euros ($116 billion) this year, including 3.5 billion euros for defence. ($1 = 0.8595 euros)
Scoop
08-07-2025
- Business
- Scoop
World's Poorest Hit By Double Whammy - Trade War Plus A War On Aid
President Trump has announced his latest tariffs after a 90 day pause, confirming an increase for 14 countries, including some of the poorest. Today's announcement includes 40% tariff on goods from Myanmar and Laos, and a 36% tariff on goods from Thailand and Cambodia. "We are still waiting to see if he will carry through on his threat to increase tariffs on Pacific Island countries," says Josie Pagani, CEO of ChildFund. In April Trump announced tariffs in the Pacific, with Fiji likely to be charged the most at 32 per cent. Nauru, one of the smallest nations in the world would be hit with a 30 per cent tariff, while Vanuatu would get a 22 per cent tariff. The US is Fiji's top export destination, with Fijian exports totalling $US360 million in 2023. Kava represents 70 per cent of Vanuatu exports, and the US is one of its primary export destinations for the local drink. "If Vanuatu gets lumped with a 22% tariff on top of cuts to US aid, while it is still struggling to recover from last year's earthquake, it will be a real blow to its economy," says Josie Pagani. "Being hit with a double whammy - cuts to aid budgets and a trade war - could wreak havoc on the world's most indebted countries." Low to middle-income countries' debt levels have more than doubled since 2009 and the cost of servicing that debt has grown. "These tariffs make it harder for countries to trade their way out of poverty. It decreases the value of their exports, therefore reducing countries' access to foreign currencies, which they need to pay back their external debt." "There is some hope. Some developing countries will find new markets in Europe, Southeast Asia and the Pacific, including New Zealand and Australian markets. There are also other development banks who can lend to poor countries, for example the European Investment Bank and the Asian Infrastructure Investment Bank. The U.S. is not a member of either. "But there is no doubt that today's tariff announcement will make it hard for countries to wean themselves off aid by increasing trade. The world is set to become a more dangerous place. The last thing we need now," says Josie Pagani.
Yahoo
04-07-2025
- Business
- Yahoo
Biggest Climate Fund Approves Record Allocations as US Withdraws
(Bloomberg) -- The world's biggest climate fund said it approved record allocations for projects in a year when the US pulled $4 billion it had pledged to the organization. Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals Massachusetts to Follow NYC in Making Landlords Pay Broker Fees NYC Commutes Resume After Midtown Bus Terminal Crash Chaos Struggling Downtowns Are Looking to Lure New Crowds What Gothenburg Got Out of Congestion Pricing At a board meeting in Papua New Guinea, the Green Climate Fund green-lighted $1.225 billion for initiatives ranging from reducing the impacts of desertification in Mauritania to developing green bond markets. 'The fund is scaling up its activities in response to the global demands for climate finance,' it said in a statement on Friday. The allocations buck a trend whereby money is becoming scarcer for climate projects. The US, the world's biggest economy and second-biggest producer of climate-warming gases, has withdrawn support for a range of international climate institutions and agreements since Donald Trump's return as president, while European nations are increasingly focusing on defense expenditure. The $18 billion fund said it will invest $227 million in the Global Green Bond Initiative, a venture with the European Investment Bank that's promoting the development of green bond markets in eight African countries, Brazil and Bangladesh. It will also provide $200 million for projects in India, including concessional credit lines and a risk-sharing facility for green-finance projects. Other initiatives range from funding irrigation in Cambodia to building resilience against floods from melting glaciers in Nepal. The Incheon, South Korea-based fund also called for proposals from countries to host regional offices for the institution. The Green Climate Fund was established under a United Nations agreement, with 45 nations contributing to its initial funding. Sign up here for the twice-weekly Next Africa newsletter, and subscribe to the Next Africa podcast on Apple, Spotify or anywhere you listen. SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too America's Top Consumer-Sentiment Economist Is Worried For Brazil's Criminals, Coffee Beans Are the Target How to Steal a House China's Homegrown Jewelry Superstar ©2025 Bloomberg L.P.
Straits Times
02-07-2025
- Business
- Straits Times
Climate and empowering women must be a priority, development bank bosses say
Sign up now: Get ST's newsletters delivered to your inbox Nadia Calvino, President of the European Investment Bank, attends an interview with Reuters, during the 4th International Conference on Financing for Development, in Seville, Spain, July 1, 2025. REUTERS/Claudia Greco SEVILLE, Spain - Multilateral development banks need to sharpen their focus on delivering climate action and on empowering women, the heads of two major MDBs in Asia and Europe told Reuters, as they face calls to be bolder, more flexible and inclusive. The president of the European Investment Bank, Nadia Calvino, and of the Asian Infrastructure Investment Bank, Jin Liqung, spoke on the sidelines of the once-a-decade United Nations development financing summit taking place in Seville. The event is overshadowed by criticisms it has shown a lack of ambition and by the absence of the United States, the biggest provider of international aid until U.S. President Donald Trump returned to office early this year. Trump has also withdrawn the United States from U.N. efforts to counter climate change and sought to reverse policy on inclusivity, making many companies and institutions across the globe reticent about championing diversity and sustainability. The AIIB's Jin welcomed civil society's push for MDBs to do more on climate as a "positive force for innovation and greater impact". The AIIB supported "climate-resilient" infrastructure under a broader definition that includes digital, health, and education infrastructure, he said. The EIB's Calvino said high-level climate commitments must translate into tangible investments and projects, naming as an example an initiative for climate-related debt clauses that allows vulnerable countries to pause repayments after disasters. Top stories Swipe. Select. Stay informed. Singapore Singapore and Cambodia to expand collaboration in renewable energy, carbon markets and agri-trade World Trump announces Vietnam trade deal with 20% import tariff Singapore From camping to mentorship, Singapore Scouts mark 115th anniversary of the youth movement Singapore Ong Beng Seng's court hearing rescheduled one day before he was expected to plead guilty World Sean 'Diddy' Combs convicted on prostitution counts but cleared of more serious charges Singapore Teen, 17, to be charged with allegedly trespassing on MRT tracks Singapore Granddaughter of Hin Leong founder O.K. Lim fails to keep 3 insurance policies from creditors' reach Singapore Man on trial for raping drunken woman after offering to drive her and her friend home The pre-summit outcomes agreement between U.N. members included a pledge to triple multilateral lending capacity. The U.S. said that crossed one of its red lines as it interfered with the MDBs' independence. Asked about French President Emmanuel Macron's call for MDBs to sacrifice stellar credit ratings to hit those new targets, Jin proposed rating agencies apply different standards to MDBs instead of those used for commercial banks or private companies. Calvino said the current system worked well, with the EIB's AAA rating enabling it to take on higher-risk investments and leverage EU guarantees. The U.S. also objected to the use of the word gender in the outcomes document, saying it did not support "sex-based preferences". Calvino, the EIB's first woman president, said empowering women was "both the right and the economically smart choice ... a no-brainer". Jin said female empowerment was key in the AIIB's investment decisions, pointing to a rural road project in Ivory Coast connecting female agriculturalists in previously isolated villages to main markets to sell products such as cashews and coffee beans. REUTERS
