Fintech startup Chari.ma raises US$5m for its expansion plan

MOROCCO – Chari.ma, a fintech and e-commerce startup, has raised US$5 million in the largest venture funding round in the country this year and among the biggest-ever seed funding rounds in the North African nation. The funding round was jointly led by Rocket Internet, Global Founders Capital and P1 Ventures with participations from Plug and Play, Y Combinator, Village Capital, MetLife Foundation, Orange Digital Ventures, Air Angels, SPE Capital, Pincus Private Equity and Reflect Ventures. The Chandaria family, Propertyfinder CEO and founder Michael Lahyani, and the management company of an…

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Electric car manufacturer Tesla launches its Supercharger stations in Africa

MOROCCO – Tesla, an electric car manufacturer, has installed its first two Supercharger stations in Morocco, marking its first entry in the African market first. These first supercharger station has been installed in Tangier, near the main highway that connects Morocco’s major cities on the Atlantic coast. The company installed four supercharger stations capable of delivering 150kW near the Tangier Al Houara Hilton Resort. The second set of superchargers was installed at the Onomo Hotel in Casablanca, with a similar set of four 150kW charging stations. The two stations will…

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GE Renewable Energy set to expand Aftissat wind farm by 200 MW

MOROCCO – GE Renewable Energy, has been selected by Énergie éolienne du Maroc (EEM), a subsidiary of Nareva Holding, to expand the Aftissat wind farm by 200 MW. GE Renewable Energy is a Paris (France) based company and a subsidiary of the American conglomerate General Electric (GE). GE will deploy its Cypress technology including the installation of 40 onshore wind turbines with a nominal capacity of 5 MW, with a rotor diameter of 158 m. The contract is awarded to GE Renewable Energy by Énergie éolienne du Maroc (EEM), the…

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Holmarcom group set to acquire Credit Agricole’s stakes in Credit du Maroc

MOROCCO – Holmarcom group, an insurance and real-estate company, has announced that it seeks to buy stakes held by Paris-based Credit Agricole in its Moroccan branch Credit du Maroc, a move that will significantly change the landscape of Morocco’s banking and insurance industries. “These discussions are at a preliminary stage without any certainty on their outcome. Holmarcom will communicate more in due course if this project comes to fruition and in the meantime, does not intend to comment further on this project,” said a statement from the Holmarcom group. The…

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Real estate company Sotheby International Realty launches in Morocco

MOROCCO – Sotheby’s International Realty, a luxury real estate brand, has announced the opening of Morocco Sotheby’s International Realty, signifying the brand’s first office in Northern Africa. The addition brings the brand’s total number of affiliated offices in the EMEIA region to nearly 200. Morocco Sotheby’s International Realty is owned and operated by David Chicard who brings 15 years of experience to the company. “Morocco offers a stable and inviting environment for global investors,” said Philip White, president and CEO, Sotheby’s International Realty. “The country attracts interest from Americans, Middle…

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Credit Immobilier et Hotelier secures US$29m from EBRD, GCF, EU to support green economy

MOROCCO – The European Bank for Reconstruction and Development (EBRD), supported by the Green Climate Fund (GCF) and the European Union (EU), is providing a financial package of up to €25 million (US$29.20m) to Credit Immobilier et Hotelier (CIH Bank) to support Morocco’s green transition. The financing, of which a total of €18.75 million (US$21.90m) will be provided by the EBRD and €6.25 million (US$7.30m) by the GCF, will be extended as sub-loans by CIH Bank to local citizens, small and medium-sized enterprises (SMEs) and corporates for investments in climate…

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Azur Innovation Fund invests US$390,000 in transport and logistics startup Cloud Fret

MOROCCO – Azur Innovation Fund, a public-private seed fund aimed at providing money to creative Moroccan entrepreneurs has invested US$390,000 in Cloud Fret. It is the fund’s second investment following that of Epicerie Verte. Cloud Fret is a transport and logistics startup founded in 2020. Its platform connects loaders and transporters as it aims to eliminate empty returns of trucks between the two ends of the Mediterranean. Its aim is to optimise the transport of trucks with the help of artificial intelligence which can track the movement of empty cargo…

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Bank of Africa – BMCE Group secures US$29.3m from EBRD to support Morocco’s green transition

MOROCCO – The European Bank for Reconstruction and Development (EBRD), supported by the Green Climate Fund (GCF) and the European Union (EU), is providing a financial package of up to €25 million (US$29.30m) to Bank of Africa – BMCE Group to support Morocco’s green transition. The financing, of which a total of €18.75 million (US$21.98m) will be provided by the EBRD and €6.25 million (US$7.33m) by the GCF, will be extended as subloans by Bank of Africa and its leasing subsidiary Maghrebail to local citizens, small and medium-sized enterprises (SMEs)…

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European auto parts company Aptiv set to construct US$43.8 million automotive plant in Morocco

MOROCCO – Aptiv, the European auto parts company, has entered into an agreement with the Council of the Oriental Region (CRO), the Regional Investment Center (CRI) of the Orient, and provincial authorities of the Oriental region of Morocco to bring to the region a new automotive plant with approximately US$43.8 million in investment funds. The new auto factory’s construction is scheduled to begin in January 2022, with a planned opening date in June of the same year. The plant will employ 3,500 local residents and will span eight hectares within…

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IFC partners ACAPS to promote digitization of insurance sector in Morocco

MOROCCO – The International Finance Corporation (IFC), a member of the World Bank Group and the Autorité de Contrôle des Assurances et de la Prévoyance Sociale (ACAPS) have entered into a partnership. The partnership is aimed at defining strategic orientations, promoting the acceleration of the digitization of the insurance sector in Morocco, to enable it to adapt to major digital trends, but also to strengthen financial inclusion and reduce vulnerabilities. As part of this technical assistance program, IFC will support ACAPS in the development of a roadmap to accelerate the…

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