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Fitch affirms Morocco at 'BB+' with a Stable Outlook
Fitch Ratings has affirmed Morocco's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB+' with a Stable Outlook.
SDX Energy commences drilling operations in Morocco
SDX Energy, the MENA-focused energy company, announced the commencement of the first, three well, phase of its 2021 drilling campaign in Morocco, which will comprise up to five wells over the year.
Bank of Africa adopts Conpend TRADE AI app to digitize trade processes
It digitizes trade finance processes, using optical character recognition (OCR), natural language processing (NLP) and progressive machine learning to reduce the risk and cost of trade finance operations.
Russia’s S7 Airlines launches direct flights from Moscow to Casablanca, Morocco
In accordance with the permission of the Federal Air Transport Agency, S7 Airlines has launched sales for direct weekly flights from Moscow to Casablanca, Morocco, effective April 30th.
[Morocco] RES4Africa makes moves in renewable energy sector
RES4Africa Foundation is increasing its footprint in Morocco’s renewable energy sector with the Moroccan Agency for Sustainable Energy (MASEN) and a formal agreement with Morocco’s Ministry of Energy, Mines, and Environment.
APM Terminals MedPort Tangier commences second phase of development in Morocco
Following a total investment of $800 million, operations at APM Terminals MedPort Tangier commenced in 2019, and it now celebrates its next major development milestone by kicking off phase-2 of the development.
[Morocco] Amethis to invest in irrigation systems to increase agricultural productivity
Through its advanced micro-irrigation solutions, Amethis investment will help farmers reduce water inputs while improving their productivity.
EBRD, EU support Moroccan medical garments producer with €6m loan financing
The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are stepping up their support for businesses in Morocco, with a €6 million loan to Lamatem, a Moroccan producer of high-end medical garments.
Morocco, Nigeria unveil Joint Business Council
Morocco’s intensified efforts towards African solidarity and south-south cooperation continue to show results, with the creation of the Nigeria-Morocco Business Council being the latest of encouraging developments.
AfDB appoints Achraf Tarsim as Country Manager designated for Morocco
The African Development Bank Group is pleased to announce the appointment of Mr. Achraf TARSIM as Country Manager designated for Morocco.
[Morocco] Heavy rainfall improves the productivity of agriculture and fruit exports
The heavy rainfall Morocco has experienced in the last three months has had a “very positive impact” on the country’s 2020-21 agricultural season.
Morocco suspends flights in 37 countries
The Moroccan National Airport Office (ONDA) has issued a brief statement to remind travelers of the 37 countries Morocco suspended flights with.
[Morocco] Central bank forecasts more growth this year
The Moroccan central bank, Bank al-Maghrib, forecasted that the country’s economy would grow by 5.3% in 2021 before consolidating to 3.3% in 2022.
Cybercrime worries on the increase, but Africa’s mobile users loath to leave WhatsApp, KnowBe4
Africa’s mobile users are increasingly concerned about mobile risks and the potential for digital identity theft; however, this is not stopping them from using their favourite messaging platforms and applications.
Morocco records rise in fruits and vegetable exports to UK post Brexit
Moroccan exports of fruit and vegetables to the United Kingdom have grown exponentially, following the Union’s withdrawal from the EU.
Morocco moves closer to unlocking domestic gas riches
Two significant gas projects that are poised to take final investment decisions (FID) in Morocco this year could add 70mmcfd of natural gas to the country’s energy mix in the next five years
African Development Bank appoints Achraf TARSIM as Country Manager, Morocco
The African Development Bank has appointed Achraf TARSIM as Country Manager designated for Morocco. Achraf, a Tunisian citizen, joined the Bank in 2009, as an economist in the Governance and Economic and Financial Reforms Department.
Cognitus establishes offices in Puerto Rico and Morocco for its SAP customers
To offer localized and nearshore support for its SAP customers in North America and EMEA, Cognitus Consulting, an SAP Gold Partner, headquartered in the USA, has expanded to two new facilities in Aguadilla, Puerto Rico and Tangier, Morocco.
[Morocco] Air Arabia to Launch five new France-Morocco air routes
The low-cost airline Air Arabia Maroc has announced the launch of five new air connections between France and Morocco.
EBRD, Green Climate Fund extend cooperation by $500m
The EBRD has reaffirmed its commitment to scaling up green inter mediated financing by approving additional headroom for the next phase of its successful large-scale partnership with the Green Climate Fund.
Nigeria, Morocco sign five agreements on hydrocarbons, agriculture
Under the agreement between OCP, NSIA and the Nigerian National Petroleum Corporation (NNPC), Nigeria will import phosphate from the Kingdom of Morocco and use it to produce blended fertiliser for the local market and export.
[Morocco] Banque Populaire launches microfinance program for women
One of Morocco’s largest banks is ringing in International Women’s Day with an ambitious new program targeting a lack of financial independence among the country’s women.
Morocco suspends flights with Algeria, Egypt
Morocco suspended all flights to and from Algeria and Egypt as part of its efforts to curb the spread of COVID-19
[Egypt] SDX Energy extends West Gharib PSA for ten years to 2031
SDX Energy announced it has received final approval from the Egyptian authorities to extend the Production Services Agreements governing its producing Meseda and Rabul oil fields in its West Gharib concession in Egypt until 9 November 2031.
[Morocco] Chariot Oil & Gas signs gas market MOU
Chariot Oil & Gas, the Africa focused transition energy company, has signed a memorandum of understanding along with its partner with the Ministry of Industry, Trade and Green and Digital Economy in Morocco.
Chariot Oil & Gas signs gas market MoU in Morocco
Chariot Oil & Gas signed a Memorandum of Understanding (MoU) along with its partner the Office National des Hydrocarbures et des Mines (ONHYM) with the Ministry of Industry, Trade and Green and Digital Economy in Morocco.
[Morocco] WeMash Digital startup supports businesses’ digital transformation
WeMash Digital is a growing Moroccan initiative that brings together a team of young, ambitious, and creative developers, consultants, and graphic designers.
Chariot Oil & Gas signs Collaboration Agreement to fast track Anchois Gas Development project in Morocco
Chariot Oil & Gas signed a Collaboration Agreement with Subsea Integration Alliance to enable the front-end design, engineering, procurement, construction, installation and operation of the Anchois Gas Development project in Morocco.
Mastercard unveils Girls4Tech programme in Morocco
Mastercard’s signature science, technology, engineering and mathematics (STEM) program, Girls4Tech™, has officially reached its initial goal of educating one million girls worldwide.
Burundi welcomes Morocco’s decision to open embassy in Bujumbura
Morocco has decided to open an embassy in Burundi’s main economic center instead of opting for the country’s political capital.
[Morocco] Predator Oil & Gas prepares to drill in Guercif
Predator Oil & Gas, an oil and gas exploration company based in UK, announced the start of preparations for drilling the MOU-1 well of its project in Guercif, eastern Morocco.
The UN official described Morocco among major countries to invest in renewable energies
The Executive Director of the United Nations Environment Program (UNEP), Inger Andersen, has described Morocco as exemplary in terms of renewable energies
Habiba Laklalech appointed CEO of Moroccan Airports Authority
Morocco’s King Mohammed VI has appointed Habiba Laklalech, CEO of Moroccan Airports Authority (ONDA).
[Morocco] ESCO gets $965,000 grant boost from African Development Bank
The African Development Bank’s Sustainable Energy Fund for Africa (SEFA) is providing a $965,000 grant to Morocco’s Société d’Ingénierie Energétique (SIE), to support its transition into the first Super Energy Service Company (ESCO) initiative in Africa
[Morocco] receives 500,000 doses of Sinopharm vaccine of COVID-19
A batch of 500,000 doses arrived from Beijing on Tuesday, bringing Morocco’s total number of received COVID-19 vaccines to seven million.
[Morocco] Al Barid bank Launches 1st Fully-Digital Credit Card
Al Barid bank, the financial branch of the Moroccan post office, has launched the first dematerialized, fully-digital bank card in Morocco.
[Morocco] banned Bitcoin reaches $50K
Cryptocurrency Bitcoin reaches an all-time high as Moroccan traders urge the government to end its longtime crypto ban.
[Morocco] IFC, Marrakech-Safi join forces to boost region’s investment potential
IFC is expanding the scope of its support to subnational entities in Morocco through a new partnership with the Wilaya of the Region of Marrakech-Safi and the Regional Investment Center, to attract more investment and improve the business environment.
IFC, CFA partner to increase gender diversity in Morocco
IFC and Club des Femmes Administrateurs (CFA), a non-profit association in Morocco, signed an agreement to help women attain more leadership positions in the business world.
World Bank: Is Morocco’s Budget Deficit ‘Under Control’?
The coronavirus pandemic had a remarkable effect on Morocco’s economy, as with most countries around the world, so how is their economy now?
[Morocco] IFC, CFA Partner to Promote Women’s Executive Leadership
More than ever, women directors are called upon to contribute to the construction of competitive and efficient companies able to meet the current challenges of today.
Morocco Prioritizes Renewable Energy and Flood Protection Projects
ABHBC has presented its plans to mitigate the effects of climate change and improve its energy efficiency in line with Morocco’s climate change and renewable energy vision.
Vivo Energy Morocco invests in ecofriendly service stations
Vivo Energy Maroc, the company in charge of the distribution and marketing of Shell-branded fuels and lubricants in Morocco and Butagaz-branded liquefied petroleum gas, has inaugurated two motorway service stations.
IFC, AMMC join forces to increase availability of sustainable finance in Morocco
IFC signed an agreement with the Moroccan Capital Market Authority (AMMC) that will help companies enhance their reporting on environmental, social, and governance (ESG) practices, paving the way for more green investments.
Kam Global Strategies, Brand & Image partner to advance PR efforts in Israel and Morocco
Kam Global Strategies, Israel-based strategic communications firm and Brand & Image, Morocco's most prominent marketing and PR agency announced a strategic partnership to advance PR efforts in Israel and Morocco.
Mediterrania Capital Partners exits Morocco's Cash Plus
Mediterrania Capital Partners announced the sale of its remaining stake in Cash Plus, the largest independent money transfer company in Morocco.
Nexans inaugurates new plant in Morocco for production of fiber optic cable accessories
Nexans has strengthened its industrial presence in Morocco with the inauguration of a new plant for the Telecom Systems Business Unit.
United Women Economic Development Network launched to advance women empowerment
Women business leaders and entrepreneurs from the United States, Bahrain, Morocco, Israel, United Arab Emirates, Sudan, Uzbekistan, and Kosovo have convened for the virtual launch of the United Women’s Economic Development Network.
Mauritius and Morocco join African Development Bank's Bloomberg bond index
The African Development Bank announced the addition of Mauritius and Morocco to its Bloomberg African Bond Indices (ABABI), marking a steady progress in the Bank’s efforts to deepen the continent’s local currency bond market.
United States, Morocco sign cultural property agreement
The U.S. Ambassador to the Kingdom of Morocco David T. Fischer and Morocco’s Minister of Culture Othmane El Ferdaous signed a bilateral Memorandum of Understanding that protects Moroccan cultural property.
USAID designates Morocco as regional hub for new program in trade and investment under Prosper Africa
The U.S. Agency for International Development (USAID) will designate the Kingdom of Morocco as a regional hub for the new, continent-wide Trade and Investment Program funded by USAID under Prosper Africa.
DFC announces initiatives to expand U.S. investment and development in Morocco
U.S. International Development Finance Corporation (DFC) Chief Executive Officer and Prosper Africa Executive Chairman Adam Boehler has announced a series of efforts to expand U.S. investment in Morocco and strengthen its role as an economic hub for the continent.
DFC announces initiatives to expand U.S. investment and development in Morocco
The U.S. International Development Finance Corporation (DFC) Chief Executive Officer and Prosper Africa Executive Chairman Adam Boehler announced a series of efforts to expand U.S. investment in Morocco.
EBRD, GCF boost green economy and value chains in Morocco
The European Bank for Reconstruction and Development (EBRD), supported by the Green Climate Fund (GCF), is promoting the competitiveness of small businesses and investments in the green economy in Morocco.
IFC signs $30m financing agreement to improve Morocco's infrastructure
IFC signed $30 million financing agreement to support Morocco’s Fes-Meknès region expand and upgrade its rural road network, reducing regional inequalities and helping people in remote communities access jobs and social services.
Helios partners with BIM to invest in BIM’s Moroccan business
Helios Investment Partners, Africa-focused private investment firm, announced a partnership with BİM BİRLEŞİK MAĞAZALAR (BIM), discount grocery retailer in Turkey listed on the Borsa İstanbul, to invest in BIM’s Moroccan business.
Chariot Oil & Gas agrees key terms on new licence offshore Morocco
Africa focused transition energy company Chariot Oil & Gas has negotiated the key terms of a new licence, Rissana Offshore in Morocco.
World Bank approves $400m program to support Morocco’s social protection response and reform
The World Bank approved a $400 million program to support Morocco’ social protection system, as part of the kingdom’s sweeping reforms to strengthen its social safety nets.
CMGP, CAS partner to create Moroccan and Pan-African agricultural platform
Development Partners International announced the partnership between Compagnie Marocaine de Goutte à Goutte et de Pompage’s (CMGP), and Comptoir Agricole de Souss (CAS) to create a new player in the Moroccan and African agricultural industry.
Mohammed VI Polytechnic University partners with Plug and Play to launch accelerator programme in Morocco
Mohammed VI Polytechnic University (UM6P), an academic and research institution, has partnered with global innovation platform, Plug and Play, to launch an Open Innovation Hub in Morocco.
AI startup ATLAN Space raises $1m Series A funding from Maroc Numeric Fund II for expansion
Aerial vehicle Artificial Intelligence startup ATLAN Space has raised $1m Series A funding from Maroc Numeric Fund II with participation from Hilmi Law Firm and Cadex Group, for business expansion.
World Bank provides additional financing for Morocco’s urban transport sector
The World Bank approved $150 million in additional financing for Morocco’s Urban Transport Program, which started in 2015, to strengthen the country’s capacity to offer quality service in public transport.
Chariot Oil & Gas receives EOI for provision of development debt finance for Anchois gas discovery offshore Morocco
Chariot Oil & Gas has received a non-binding Expression of Interest Letter from Africa Finance Corporation for the provision of development debt finance for the Anchois Gas Discovery, offshore Morocco.
[Morocco] Maroc Telecom hits $3b turnover as of Q3
Moroccan telecommunications operator Maroc Telecom achieved a turnover of more than MAD 27.49 billion ($2.99 billion) during the first nine months of 2020, up 0.7%.
Sound Energy announces 24 month extension to initial period of Sidi Moktar Permits onshore Morocco
Moroccan focused upstream gas company Sound Energy announced due to further disruption caused by the impact of the COVID-19 pandemic, ONHYM has approved a 24 month extension to the initial period of the Sidi Moktar Permits.
Deutsche Post DHL, German Ministry for Economic Cooperation promote e-commerce in developing and emerging countries
Giving small and medium-sized enterprises from developing countries access to global markets is the goal of a cooperation between the German Federal Ministry for Economic Cooperation and Development and the logistics company Deutsche Post DHL Group.
Ryanair resumes flights to Morocco
Low-cost airline Ryanair is set to resume flights in and out of Morocco.
Mondia, Jumia launch new gaming service on JumiaPay App for customers in Africa
Mondia, a technology company which specialises in marketing and distribution of digital content and Jumia, Africa’s largest e-commerce platform, launched Jumia Games, a competitively priced entertainment category on the JumiaPay App.
[Morocco] Vantage Capital invests $28 million to acquire minority stake in Cliniques Internationales du Maroc Group
Vantage Capital, Africa’s mezzanine fund manager, has made a $28.0 million equity investment to acquire a significant minority shareholding in the Cliniques Internationales du Maroc Group.
EBRD, EU and partners support green investments in Morocco
The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are supporting green investments by the private sector to strengthen Morocco’s economic recovery.
EBRD, Crédit Agricole du Maroc partner to boost trade in Morocco
The European Bank for Reconstruction and Development (EBRD) is boosting trade in Morocco with a $20 million trade finance limit to Crédit Agricole du Maroc, a leading local bank.
CTI Clinical Trial and Consulting Services acquires MENA-based Clinart
CTI Clinical Trial and Consulting Services (CTI) has announced the acquisition of Clinart, a full-service CRO with nearly 20 years of experience and strong local expertise in the (MENA) region.
[Morocco] EIB, Crédit Agricole du Maroc sign €200 million financing agreement to support agriculture sector
The European Investment Bank ,EIB, and Crédit Agricole du Maroc ,CAM, have signed a €200 million loan agreement to boost support for Moroccan businesses operating in the agriculture and bioeconomy sector
[Morocco] MFS Africa partners with inwi Money to deepen international money transfers
MFS Africa has announced a partnership with Moroccan mobile money provider inwi money, bringing smooth and affordable international digital money transfers and payments to Morocco.
Emirates resumes flights to Casablanca, Morocco
Emirates announced it will resume passenger services to Casablanca, Morocco effective 18 September 2020.
Red Eléctrica, ONNE seal reserve cable of electricity link between Spain and Morocco
Red Eléctrica de España and its Moroccan counterpart Office National De L'electricite Et De L'eau Potable (ONEE) have completed the works to seal the link in the reserve cable of the link between Spain and Morocco.
Chariot Oil & Gas announces significant resource upgrade on Anchois, Morocco
Chariot Oil & Gas, the Atlantic margins focused energy company, announces that it has completed the reprocessing of 3D seismic data across the Lixus Offshore Licence, Morocco.
EBRD, EU support expansion of cheese maker Land’Or in Morocco and Tunisia
The European Bank for Reconstruction and Development (EBRD) is strengthening the agribusiness sector in Morocco and Tunisia with a total loan equivalent to €10.9 million to Land’Or, a leading Tunisian processed cheese maker.
EBRD supports infrastructure services in Morocco
The European Bank for Reconstruction and Development (EBRD) is supporting the delivery of vital infrastructure services in Morocco with a €300 million financing package to state-owned utility and transport companies.
EIB, al Amana Microfinance partner to support micro-enterprises in Morocco
The European Investment Bank (EIB), and al Amana Microfinance announced the signature of a €3 million finance contract supporting access to financing and the development of Moroccan micro-enterprises.
EIB releases €100m in emergency funding to help Morocco combat COVID-19
The Moroccan Minister of Economy, Finance and Administration Reform and the Vice-President of the EIB announced the release of €100 million to finance the Kingdom of Morocco’s most urgent requirements as it deals with the COVID-19 pandemic.
[Morocco] CIH Bank automates corporate banking services with Finastra
Finastra announced that CIH Bank, a Moroccan-based commercial bank, has gone live with Fusion Corporate Channels and Fusion Trade Innovation, to digitize its end-to-end corporate banking services.
EBRD, CaixaBank boost SME financing in Morocco
The EBRD is supporting small businesses in Morocco to withstand the coronavirus pandemic with an approximately 430 million dirham (equivalent to circa €40 million) loan to CaixaBank’s Morocco branch.
DiMuto partners with Jupiter Group to deploy blockchain traceability as part of global expansion plans
DiMuto, a trade technology solutions platform that provides end-to-end supply chain visibility for global agri-food businesses, has secured a deal with Jupiter Group, a leading global produce grower and supplier, to deploy blockchain traceability.
OCP, Budenheim, Prayon partner to launch new purified phosphoric acid plant in Morocco
OCP Group and its German and Belgian partners, Budenheim and Prayon, are launching the building of a new plant for the production of purified phosphoric acid, through their subsidiary Euro Maroc Phosphore (EMAPHOS).
EBRD, CIH strengthen resilience of small businesses in Morocco
The European Bank for Reconstruction and Development (EBRD) is strengthening private small businesses and trade in Morocco with a €40 million financing package to Crédit Immobilier et Hôtelier, SA (CIH).
EBRD, BCP support small businesses in Morocco
The EBRD is responding to the impact of the coronavirus pandemic on the Moroccan economy with a $100 million loan to Banque Centrale Populaire (BCP) for on-lending to local private businesses.
World Bank extends support to MENA region amid dual economic shocks
The World Bank responded to dual economic shocks caused by the COVID-19 pandemic and the subsequent collapse in oil prices with strong lending, technical assistance and global expertise throughout the Middle East and North Africa.
IFC finances One Tech with €23m to create jobs in Morocco and Tunisia
IFC announced it will provide €23 million in financing to Tunisian company One Tech Holding to spur job creation and economic growth in Tunisia and Morocco.
ERDB, European Union invest €61.3 million in green projects across Egypt and Morocco
The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are stepping up their support for green investments and climate resilience in Egypt, Morocco.
IFC, IFU and PROPARCO provide $108.5m to improve healthcare in Egypt and Morocco
IFC, IFU and PROPARCO are providing an equity financing package of up to $108.5 million to Humania, a private healthcare company, to help improve medical care in Egypt and Morocco.
EBRD, UNWTO join forces to boost tourism recovery
The European Bank for Reconstruction and Development (EBRD) and the United Nations World Tourism Organisation (UNWTO) are joining forces to boost the recovery of the tourism sector across the 38 economies where the Bank invests.
World Bank approves $500 million to support Morocco’s financial, digital inclusion reforms
The World Bank approved $500 million Financial and Digital Inclusion Development Policy Financing (DPF) program, which will support key policy reforms to promote an enabling environment for digital transformation in Morocco.
DHL announces new country manager appointments in Morocco and West Africa
DHL Global Forwarding, an international provider of air, ocean and road freight solutions, has strengthened its leadership teams in Burkina Faso, Cote d'Ivoire, Senegal and Morocco with new country manager appointments.
EBRD, ONEE partner for clean water in Morocco
The European Bank for Reconstruction and Development (EBRD) has partnered with the National Office for Electricity and Drinking Water (ONEE) in Morocco to speed up the construction of a water treatment plant.
Thirty countries to benefit as Global Environment Facility funds FAO-led projects
FAO welcomed the decision by the Global Environment Facility Council to allocate a substantial $176 million to 24 of its projects that tackle the critical intersection between agriculture and environmental concerns.
Svitzer strengthens operations in Africa with new contract wins
Recently, Svitzer took an important step towards strengthening its presence in Africa by signing a five-year contract with Nacala Logistics in Mozambique for harbour towage, occasional pilot transfer and potential salvage work in the port of Nacala.
[Kenya] Check Point joins forces with Strathmore University to address cyber security skills shortage
Check Point Software Technologies, a leading provider of cyber security solutions globally, announced that its Check Point SecureAcademy education initiative has partnered with Strathmore University in Kenya.
Morocco’s GDP to shrink by 2% cent in 2020, EBRD
Morocco’s economy will decline by 2 per cent in 2020 because of the economic impact of the coronavirus pandemic, but a 4 per cent rebound is expected in 2021, according to the latest forecast by the EBRD.
Sparkle expands reach in North Africa with new point of presence in Casablanca, Morocco
Sparkle, the first international service provider in Italy and among the top ten global operators, announced the opening of a new Point of Presence (PoP) in Casablanca, Morocco.
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COLUMNS.
[Column] Vinod Madhavan : After a cautious start, Africa’s policymakers should accelerate adoption of AfCFTA
Africa’s policymakers need to ensure that the momentum behind the African Continental Free-trade Area (AfCFTA) is not lost following the trading bloc’s launch in January ...read full column here
[Column] Matthew Munyiri: Using Google Workspace will impact your business for the better
From a productivity standpoint, working from home has brought some challenges. And here is where Google Workspace comes in ...read full column here
[Column] Phyllis Wakiaga: Regulatory overreach is impeding economic growth
Naturally, regulations are a prerequisite for any nation or institution. When effectively implemented, they create an enabling environment for competitiveness ...read full column here
INTERVIEWS.
[Interview] Lino G. TOKPO, CEO, GENIEUP Group, Benin
Lino G.Tokpo, who is specialized in the organization of networking and business negotiation meetings, is the founder of GENIEUP Group, a young Beninese company which mainly intervenes in supporting local businesses through the distribution of products ...read full interview here
[Interview] Nick Treurnicht, Customer Engineer for Google Workspace, DigiCloud Africa, South Africa
Nick Treurnicht is the Customer Engineer for Google Workspace at DigiCloud Africa, Africa's Google Cloud Brokerage, specialising in Google Cloud products - including Google Cloud Platform, G Suite, Google Maps and Chrome ...read full interview here
[Interview] Naike Moshi, Country Director, CVPeople Tanzania
CVPeople Tanzania is a talent acquisition and recruitment company that has for 6 years established itself as a frontrunner in the executive search and headhunting for clients across banking, telecom, and NGO sectors ...read full interview here