Latest news with #NadiaFettahAlaoui
Morocco World
29-05-2025
- Business
- Morocco World
Morocco's Nadia Fettah Alaoui Named Finance Minister of the Year at African Banker Awards
Rabat – Morocco's Minister of Economy and Finance Nadia Fettah Alaoui received the Finance Minister of the Year award on Wednesday in Abidjan during the 2025 African Banker awards. She received the prize during a ceremony that took place on the sidelines of the African Development Bank (AfDB) annual meetings. The award recognized the minister's efforts in implementing prudent macroeconomic policies and reforms seeking to boost a sustainable investment climate. Fettah Alaoui has been serving as Minister of Economy since her appointment in 2021 as part of Aziz Akhannouch's cabinet. Born in 1971 in Rabat, the Moroccan minister is a businesswoman who also served as the Minister of Tourism under Saad Eddine El Othmani's government. A member of the National Rally of Independents Party (RNI), Fettah Alaoui pursued her higher education at HEC Paris. She began her professional career at the multinational Arthur Andersen company. Alaoui also held the position of the General Manager of the Sanlam Pan Africa Group in 2017. By 2018, she was also elected as the CEO of the Year in 2018 by the Africa CEO Forum in Abidjan. Several other figures received recognitions at the African Banker Awards, including Patricia Ojangole, Managing Director of Uganda Development Bank, who received the Banker of the Year award. The governor of the Central Bank of Nigeria received the Central Bank Governor of the Year, while Idrissa Nassa, CEO of Coris Bank International, received the lifetime achievement award. Tags: Nadia Fettahnadia fettah alaoui
Morocco World
26-03-2025
- Business
- Morocco World
Bloomberg: Morocco Raises €2 Billion in Euro Bonds for World Cup Projects
Doha – Morocco successfully raised €2 billion ($2.2 billion) in euro-denominated bonds on Wednesday, exceeding initial expectations by €500 million in its first eurobond sale since 2020. According to Bloomberg, citing sources familiar with the matter, the sale attracted over €6.75 billion in total bids. The North African country issued the bonds in two tranches. The final spread for the four-year note settled at 155 basis points over midswaps, significantly tighter than the initial price talk of 190 basis points. The 10-year note landed at midswaps plus 215 basis points, also narrower than initial discussions. BNP Paribas SA, Citigroup Inc., Deutsche Bank AG, and JPMorgan Chase & Co. are serving as bookrunners, with Lazard Inc. acting as adviser. Last month, Finance Minister Nadia Fettah Alaoui stated in AlUla, Saudi Arabia, 'Today we need euros more than dollars.' The yield on Morocco's existing euro notes due March 2026 had decreased by approximately one percentage point since early 2025, reaching 3.03% in February. The funds will support Morocco's preparations for co-hosting the 2030 FIFA World Cup with Spain and Portugal. According to Bloomberg calculations based on government data, the country's total spending through 2035, including costs from the 2023 earthquake, is projected to reach at least $35 billion. Mark Bohlund, senior credit research analyst at Redd Intelligence, suggested Morocco might issue the bonds after securing a flexible credit line renewal from the International Monetary Fund, noting: 'It lowers the yields and offers a buffer against potential external shocks.' Read also: 2030 World Cup: Is Morocco's Economy Ready for a $5 Billion Event? The World Bank reinforced its support for Morocco's World Cup preparations on February 27, when World Bank vice president for MENA, Ousmane Dione, met with Budget Minister Fouzi Lekjaa in Rabat to discuss translating planned investments into economic opportunities. Earlier in February, the Arab League's Economic and Social Council pledged economic support during its 115th session, calling on member states to back Morocco's World Cup preparations. This followed the Gulf Cooperation Council's commitment to 'provide all forms of support and cooperation' announced by Secretary-General Jassim Muhammad Al-Budaiwi in December 2024. Investment projects include railway expansion, airport modernization, road networks, deep-sea ports, desalination plants, and investments in green hydrogen and renewable energy infrastructure. Morocco, which holds the highest non-investment grade rating from all three main rating companies, previously sold $2.5 billion of dollar debt in 2023. The current bond sale comes as the central bank implements its second consecutive interest rate cut to ease local borrowing costs and encourage investment. Tags: 2030 World CupEuro Bonds
Morocco World
20-02-2025
- Business
- Morocco World
Morocco Plans Euro Bond Issue to Fund Infrastructure, World Cup Projects
Doha – Morocco is preparing to return to the international bond market with a euro-denominated issuance, marking its first such move since 2023, as the North African country gears up to finance major infrastructure projects ahead of co-hosting the 2030 FIFA World Cup. 'Today we need euros more than dollars,' said Finance and Economy Minister Nadia Fettah Alaoui during an interview at a conference in AlUla, Saudi Arabia. Morocco 'can be ready anytime' for the bond sale but is waiting for January's market volatility to subside, she stated. This will be the government's first euro-denominated bond since 2020, when Morocco issued a €1 billion bond with two €500 million tranches, following a dollar issuance in 2023 that raised $2.5 billion through two $1.25 billion tranches with 5-year and 10-year maturities. The yield on Morocco's existing euro notes due in March 2026 has decreased by approximately one percentage point since early 2025, reaching 3.03% on Wednesday. The planned bond issue comes as part of a broader financing strategy, with lawmakers setting a $6 billion ceiling for new foreign debt in the 2025 budget bill. The bond sale is expected to raise one-third of this amount, while bilateral and institutional partners will provide the remaining funds. The financing will support various infrastructure projects, including railway expansion, fleet enhancement for the national carrier, construction of two deep-sea ports, and development of twelve desalination plants. The country also plans to invest in green hydrogen and renewable energy projects. Read also: Morocco to Loosen Dirham Peg to Euro-Dollar Basket by 2026 Additionally, the government needs to secure at least $2 billion for pension reforms scheduled for this year. Mark Bohlund, senior credit research analyst at Redd Intelligence, said Morocco might issue the bonds after securing the renewal of a flexible credit line from the International Monetary Fund. 'It lowers the yields and offers a buffer against potential external shocks,' Bohlund asserted. According to Bloomberg calculations based on government data, Morocco's total spending through 2035, including costs from the 2023 earthquake, will reach a minimum of $35 billion. The European Union, as Morocco's primary trading partner, is expected to play a crucial role in financing these infrastructure projects, particularly those related to the 2030 World Cup, which Morocco will host alongside Spain and Portugal. Tags: Euro Bondsworld cup 2030
Bloomberg
20-02-2025
- Business
- Bloomberg
Morocco Plans Euro Debt in First Foreign Bond Sale in Two Years
Morocco is planning to sell bonds on the international market for the first time since 2023 as it readies costly reforms and a multi-billion dollar spending spree ahead of co-hosting the football World Cup in 2030. The issue will most likely be in euros, Finance and Economy Minister Nadia Fettah Alaoui said in an interview at a conference in AlUla, Saudi Arabia. That will make it the government's first bond denominated in the European common currency since 2020, after a dollar sale two years ago.
