Sudan News Gazette

Casablanca – The World Bank plans to utilize guarantees to draw more international financing to Morocco, said Hiroshi Matano, Executive Vice President of the Multilateral Investment Guarantee Agency (MIGA).

“We think that our guarantees can help Moroccan borrowers (sub-sovereign and state-owned enterprises) diversify their funding sources with private capital,” Matano said in an interview with MAP.

The initiative is expected to support Morocco’s transition to greener energy, expand its position as a global hub for trade and logistics, modernize transport infrastructure, and enhance its human capital, the WB official said during his visit to Morocco on September 9-13.

MIGA has already issued close to pound 810 million in guarantees to help finance the construction and expansion of the Rabat campus for Mohammed VI Polytechnic University (UM6P), he recalled, adding that this operation sets the stage for future projects, including the expansion of the Tanger Med port complex and potential interventions in the

railway sector.

“We are also exploring opportunities to help Moroccan companies export or invest internationally,” Matano underlined, recalling that MIGA launched last July a guarantee platform to facilitate both inbound and outbound investments, particularly in Africa.

Matano noted the increasing role of African banks, including Moroccan institutions, as key financiers across the continent. “We want to support African banks and investors as we have been supporting global banks and investors,” he stated.

During his visit to Morocco where he met with government officials and public institutions, Matano discussed how the World Bank Group can align its efforts with Morocco’s development priorities, focusing on high-productivity sectors such as education, healthcare, renewable energy, water, and transport. These align with Morocco’s New Development Model for 2021-2035.

“This visit provided an opportunity to explore collaborative ways to support Morocco’s ambitions through World Bank Group guarantees,” he said

, reaffirming the commitment to strengthening the longstanding partnership between Morocco and the World Bank.

Created in 1988, MIGA aims to promote foreign direct investment in emerging economies by mitigating non-commercial risks and enhancing credit for private investors through guarantees. Since its inception, MIGA has issued over $87 billion in guarantees for more than 1,000 projects, including wind farms, railways, and educational institutions.

The World Bank Group’s Guarantee Platform aims to streamline processes and enhance accessibility to guarantees, targeting an annual issuance of $20 billion by 2030 to expand its impact in client countries.

Source: Agence Marocaine De Presse

MADRID: International tourism bounced back to 96 percent of pre-pandemic levels in the seven months through July 2024, driven by strong demand in Europe and the re-opening of markets in Asia and the Pacific.

According to the latest World Tourism Barometer by UN Tourism, around 790 million tourists travelled internationally in the first seven months of 2024, about 11 percent more than in 2023 and only 4 percent less than in 2019. Data show a strong start to the year, followed by a more modest second quarter. Results are in line with UN Tourism’s projection of a full recovery in international arrivals in 2024 despite ongoing economic and geopolitical risks.

UN Tourism Secretary-General Zurab Pololikashvili said, ‘International tourism is on track to consolidate its full recovery from the biggest crisis in the sector’s history. The ongoing rebound comes despite a range of economic and geopolitical challenges, highlighting the strong demand for international travel as well as the effectiveness of boosting air c

onnections and easing visa restrictions. This recovery also highlights the growing need for tourism planning and managing to cater for its impacts on communities in a way that the immense socio-economic benefits are paired with inclusive and sustainable policies.”

With increased air connectivity and visa facilitation supporting the recovery in international travel, the data shows all world regions have recorded a strong year so far.

The Middle East remained the strongest-growing region in relative terms, with international arrivals climbing 26% above 2019 levels in the first seven months of 2024.

Africa welcomed 7 percent more tourists than in the same months of 2019.

Europe and the Americas recovered 99 percent and 97 percent of their pre-pandemic arrivals respectively during these seven months.

Asia and the Pacific recorded 82 percent of its pre-pandemic tourist numbers (-18 percent versus 2019) reaching 85 percent in June and 86 percent in July.

A total of 67 out of 120 destinations around the world

had recovered 2019 arrival numbers in the first half of 2024, based on countries reporting monthly or quarterly data. Some of the strongest performers in January-July 2024 were Qatar (+147 percent versus 2019) where arrivals more than doubled, Albania (+93 percent), El Salvador (+81 percent), Saudi Arabia (+73 percent), the Republic of Moldova (+50 percent through June) and Tanzania (+49 percent through June).

The UN Tourism Confidence Index shows positive expectations for the last part of the year, at 120 points for September-December 2024, though below the prospects for May-August, which stood at 130 (on a scale of 0 to 200, where 100 reflects equal expected performance). Some 47 percent of the tourism experts participating in the Confidence survey expect better performance for the sector in the last four months of 2024, while 41 percent project similar performance and 11 percent worse. This reflects a gradual normalization of tourism performance after a strong 2023.

Experts pointed to inflation in travel

and tourism, namely high transport and accommodation prices, as the main challenge the tourism sector is currently facing, as well as the global economic situation, staff shortages and extreme weather events.

Source: Emirates News Agency

Stock Exchange (Casablanca) – The Casablanca Stock Exchange started Thursday’s session on an upbeat note, as its benchmark MASI index advanced 0.26% to reach 14,125.01 points.

This follows Wednesday’s performance, where the MASI closed up 0.64%, continuing the week’s positive trend. The market’s gains reflect growing investor confidence, buoyed by improved outlooks, notably the US Fed’s decision to deliver a jumbo-sized interest rate cut.

The half-point move paves the way for lower borrowing costs on everything from mortgages to credit cards.

It marks a crucial milestone for the central bank’s historic inflation fight, which kept rates at a bruising 23-year high for more than a year.

Source: Agence Marocaine De Presse

MONTREAL: Airports Council International (ACI) World today announces the release of its highly anticipated 2024 Annual World Airport Traffic Report, projecting 10 percent growth for passenger traffic in 2024 to reach 9.5 billion.

Drawing data from over 2,700 airports across more than 180 countries and territories, the report offers the most comprehensive overview of the global airport industry and aviation markets for the operating year 2023 and the first half of 2024. It includes full rankings for passenger, cargo, and aircraft traffic.

Justin Erbacci, ACI World Director General, commented, ‘The release of the 2024 Annual World Airport Traffic Report highlights the resilience and adaptability of the global aviation industry and demonstrates ACI World’s unmatched ability to predict and analyse industry trends. As we continue to navigate an increasingly complex and evolving landscape, ACI World remains committed to supporting our airport members through advocacy and the development of timely resources.

The

report also revealed that global passenger traffic in 2023 reached 8.7 billion, an increase of 30.6 percent compared to 2022, with a recovery rate of 95 percent compared to pre-pandemic levels in 2019.

Current estimates indicate that total passenger traffic expected in 2024 will be equivalent to 104% of 2019 levels.

The council predicts that international passenger traffic will reach 4.1 billion by the end of 2024, representing 43 percent of the total passengers, while domestic passenger traffic is expected to reach 5.4 billion by the end of 2024, accounting for 57 percent of global passenger traffic.

Source: Emirates News Agency

ABU DHABI: Dr. Mohammed Hamad Al Kuwaiti, Chairman of the UAE Cybersecurity Council has been awarded Lifetime Achievement Award by the International Information Systems Security Certification Consortium (ISC2).

The ISC2 Global Achievement Awards programme recognises individuals who have made significant contributions to a safe and secure cybersecurity world.

Dr Al Kuwaiti said that winning the award is a testament to the wise leadership’s strategic visions to invest in national cadres and provide unlimited support to achieve top positions globally in various fields and sectors. ‘This reinforces the UAE’s position as a leading country in empowering, nurturing and supporting its national cadres and achieving global achievements.’

He added that this award represents a new international recognition of the UAE’s great efforts in the field of cybersecurity and the promotion of international cooperation for a safer cyber world.

Source: Emirates News Agency

VIENNA: The Federal Authority for Nuclear Regulation (FANR) of the UAE and the Canadian Nuclear Safety Commission (CNSC) have launched this week the first of its kind Whitepaper ‘Auditing Inspection Process-Nuclear Regulator’ during an event held on the margins of the General Conference at the headquarters of the International Atomic Energy Agency (IAEA) in Vienna, Austria.

The whitepaper is groundbreaking and marks a major achievement in the field of internal audits which are conducted within nuclear regulatory bodies. The whitepaper highlights the important role of internal audit within nuclear regulators. It offers a thorough methodology to conduct technical audits of the regulatory inspection processes, including those of nuclear power plants and regulated materials licensees. The whitepaper also introduces an innovative inspection audit framework comprising eight core elements, offering high-level guidance on auditing inspection processes.

The whitepaper is an outcome of the intensive collaboration mad

e by the International Internal Audit Collaboration Working Group (IIACWG), which FANR and CNSC established in 2020.

The IIACWG was setup to nurture global knowledge-sharing among internal audit functions within international nuclear regulatory bodies. The IIACWG has held numerous meetings that have significantly advanced the collective understanding of best practices in internal audit within nuclear regulatory bodies. These collaborative efforts have not only facilitated the exchange of valuable insights but have also strengthened the overall governance, internal controls, and risk management practices of the two participating organisations.

‘Globally, there is an increasing demand for nuclear energy, which adds more responsibilities on the regulators. The whitepaper is innovative and reflects the importance of international collaboration amongst the various nuclear stakeholders. The whitepaper will play a key role in strengthening the role of regulators to ensure governance, risk management and operationa

l efficiency,’ said Christer Viktorsson, Director-General of the Federal Authority for Nuclear Regulation (FANR).

FANR has contributed key insights to the IIACWG, including elements of its comprehensive Anti-Fraud Framework, and its innovative Audit and Risk Methodology. Furthermore, the working group has enabled FANR to share its expertise with its Canadian counterpart on audit topics, fostering a rich exchange of knowledge between the two entities.

Internal Audit Functions within nuclear regulatory bodies play a crucial role in providing independent assurance to Boards and Management. They provide assurance on the effectiveness of entity’s corporate governance, risk management, compliance, and internal controls. Additionally, they offer valuable recommendations that drive continuous improvement, operational efficiency, and the promotion of ethical culture and integrity.

Source: Emirates News Agency

ABU DHABI: The International Renewable Energy Agency (IRENA), COP29 Presidency and Ministry of Energy of Azerbaijan announced today that the first Energy Transition Investment Forum for Central Asia will be hosted in Baku, Azerbaijan, on 15th and16th November 2024.

The event is strategically aligned with the COP29 priorities and action agenda outlined by President Designate Mukhtar Babayev in a recent letter to parties and constituents, focusing on enhancing ambition and enabling action, with climate finance underscored as a top priority.

IRENA Director-General Francesco La Camera said, “Central Asia holds tremendous potential for renewable energy development, yet they face significant challenges in attracting the necessary investment. The COP29 Energy Transition Investment Forum in Baku is specifically designed to tackle investment barriers, coordinate action among stakeholders, and bring global exposure to projects from the region.’

COP29 President-Designate Mukhtar Babayev added, ‘Azerbaijan is committe

d to a green energy transition and there is currently close cooperation with neighbouring countries in Central Asia in the field of renewable energy. Initiatives such as the recent agreement between the energy ministers of Azerbaijan, Uzbekistan and Kazakhstan on the interconnection of electricity systems are a testament to this cooperation. When the world gathers in Baku this November, we hope that COP29 can serve as a springboard for Central Asia to progress on a green and just development pathway, aided by a young population, renewable energy capacity and vibrant economies, and attract the investment needed to continue on this path.’

Minister of Energy Parviz Shahbazov stated, ‘Azerbaijan is taking crucial steps to realize the initiatives of strategic importance that enable the development of renewable energy with regional projects. Interconnection of the energy systems of Azerbaijan, Kazakhstan, and Uzbekistan and delivering the huge energy potential of the Central Asian countries to the Turkish and Euro

pean markets through green energy corridors is one of our priorities. We’re convinced that the Energy Transition Investment Forum to be jointly held by IRENA and Azerbaijan during COP29 will be a productive platform that will strengthen the green energy partnership with the Central Asian countries, attract investors and energy companies and facilitate our joint projects.’

The two-day forum will offer a platform for enhanced dialogue among governments, financial institutions, investors, development partners, project developers, and other key stakeholders regarding opportunities and challenges in advancing renewable energy development and scaling up investments in energy transition-related technologies to advance the UAE Consensus Outcomes achieved at COP 28. It will also feature opportunities for bilateral sessions and an exhibition area showcasing renewable energy projects from the region to global investors and stakeholders.

IRENA invites project developers from Central Asia to submit their renewable energ

y and energy transition projects for potential matchmaking with investors and financiers at the Investment Forum. Selected projects may also qualify for consideration by the Climate Investment Platform (CIP) and IRENA’s Energy Transition Accelerator Financing (ETAF).

Source: Emirates News Agency