Latest news with #WorldBank-supported
Ya Biladi
8 hours ago
- Business
- Ya Biladi
World Bank approves $250 million for Morocco's social protection reform
The World Bank has approved a $250 million funding package to support Morocco's social protection reform, aiming to strengthen social safety nets for human development. In a statement released Thursday, the international financial institution highlighted Morocco's significant progress over the past two decades, driven by social protection reforms that have improved living standards and expanded access to essential services. «While challenges remain, such as high unemployment and low female labor force participation, Morocco is firmly committed to inclusive growth. Despite recent external shocks like drought and inflation, the country continues to work toward reducing poverty and boosting resilience, especially in rural areas», the World Bank added. The government launched the direct social assistance program in December 2023, a key pillar of the national social protection reform, which had already benefited more than 3.9 million households by March 2025. Morocco has shown resilience amid multiple challenges, with a national poverty rate of 3.8% in 2022. Despite rising income inequality and ongoing vulnerabilities, there remains an opportunity to strengthen social safety nets and improve shock response, particularly in rural areas and regions vulnerable to climate disruptions, said Ahmadou Moustapha Ndiaye, World Bank Division Director for the Maghreb and Malta. The World Bank-supported project also aims to enhance the capacity of the National Agency for Social Support (ANSS) to implement the direct social assistance program effectively.
Mint
13 hours ago
- Business
- Mint
Centre to launch online MSME dispute resolution portal on 27 June
NEW DELHI : The government is set to launch an online dispute resolution (ODR platform for small businesses to improve their ease of doing business on 27 June, according to two officials directly aware of the development. 'The MSME ODR portal has been tested, and dispute resolution using the portal has also begun during the testing phase," said one of the officials on the condition of anonymity. The portal, a part of the government's World Bank-supported Raising and Accelerating MSME Performance (RAMP) scheme, is aimed at resolving delayed payment disputes by facilitating communication between debtors and micro and small enterprises (MSEs), said the second official. Also Read: Bank loan sanctions to MSMEs for job creation down nearly a third in FY25 Mint first reported on 12 March that the government was going to digitize to dispute resolution for small businesses. So far, micro and small enterprises facilitation councils (MSEFCs) have resolved disputes, especially those related to delayed payments. As of the date, 161 councils have disposed of over 52,000 cases involving transactions worth ₹9,241 crore, out of nearly 100,000 such complaints by MSEs. Data on the micro, small, and medium enterprises (MSME) ministry's delayed payment monitoring system, Samadhaan portal, showed that more than 20 MSEFCs had not resolved a single case since their launch in 2017. The data also showed a wide variance in MSEFCs' actions. While 27 MSEFCs saw not even a single case, a few councils, such as MSEFC Mumbai, MSEFC Pune, and MSEFC Gandhinagar, resolved a considerable number of cases. MSEFC Mumbai resolved 4,625 matters involving about ₹750 crore out of the 7,756 cases it received. MSEFC Pune saw 6,956 complaints and resolved 5,271 of them, involving ₹223 crore. MSEFC Gandhinagar received 6,297 grievances and resolved 5,777 cases involving ₹809 crore, showed the data. 'As of the date, approximately 42% of the applications filed by MSEs are either yet to be viewed by MSEFCs or are at the consideration stage," said Krunal Modi, founding member and chief of staff, ODR platform Presolv360. 'One of the local MSEs recently shared with us that their first meeting was called by the concerned council after four months of filing the case. Additionally, our interactions with various MSEFCs have revealed that there is not only a manpower constraint but also a lack of physical infrastructure," he added. Also Read: MSMEs call for relaxations in the new FEMA regulations for exports and imports Under the procedure laid down in the MSME Development Act, 2006, micro and small businesses can approach these councils to seek payments from buyers that have been delayed longer than 45 days. Private mediators Interestingly, the new portal will allow private ODR service providers to be empanelled, putting into motion a key provision in the Act allowing MSEFCs to delegate cases to private institutions. As per the powers given to an MSEFC under Section 18 of the Act, an MSEFC can either conduct arbitration and conciliation proceedings in cases filed or provide assistance to any institution that provides alternative dispute resolution services. Alternative dispute resolution refers to any dispute resolution that takes place beyond courts. It includes procedures such as arbitration, mediation, and conciliation, where parties can resolve their issues speedily. Independent or private institutions providing ODR services shall only provide services through the new portal, as stated in the 2 April guidelines for appointment of such firms. The guidelines said these institutions should maintain a panel of arbitrators, mediators, and conciliators to resolve disputes on the portal. MSEFCs are created and operated by state or Union territory governments, as per the MSME Development Act. These states will have to enter into agreements with private ODR service providers after seeking information related to their operations. State governments will gather information related to the private ODR firms' incorporation, as well as about fees charged, the number of disputes resolved through arbitration, mediation, or conciliation, the guidelines said. More needs to be done However, the model followed by MSEFCs may not follow a key principle of arbitration—party autonomy, according to experts. 'The ADR procedure laid down in the Act has an element of conflict of interest, where the MSEFC can itself refer the matter for arbitration without mutual consent of the parties. Also, there is no bar for the conciliator or mediator sitting as an arbitrator," said P. Madhava Rao, registrar at Hyderabad's Amika Arbitration and Mediation Council, which provides ODR services. Also Read: MSME makeover: New definitions unlock bigger benefits, faster resolutions 'The main obstacle in the MSEFC ecosystem is the delay in resolving grievances and the presence of conflicts of interest," Rao added. States will also have to ensure that the dispute resolution personnel from private ODR firms abide by the MSME Development Act and the Arbitration & Conciliation Act, 1996. The Arbitration & Conciliation Act is currently undergoing reform, with the Union ministry of law and justice pushing for more institutional arbitration, Mint reported on 18 October 2024.
Yahoo
13-06-2025
- Business
- Yahoo
Millicom (Tigo) Strengthens South American Leadership with USD 380 Million Acquisition of Telefónica Ecuador
Millicom (Tigo) Strengthens South American Leadership with USD 380 Million Acquisition of Telefónica Ecuador Key Highlights: The acquisition reinforces Millicom's strategic position and operating scale in Latin America, strengthening its platform for long-term regional growth. The acquisition also enhances Millicom's geographic diversification, with the addition of Ecuador — a stable, dollarized economy with a supportive macroeconomic outlook — strengthening overall cash flow resilience. Ecuador's telecom sector shows consistent growth and regulatory momentum, offering a solid runway for long-term expansion and innovation. Luxembourg, June 13, 2025 – Millicom International Cellular S.A. ('Millicom') has signed a definitive agreement to acquire Telefónica's telecommunications operations in Ecuador in a transaction valued at USD 380 million. This acquisition aligns with Telefónica's broader strategy to reshape its portfolio in Latin America and presents Millicom with a strategic opportunity to strengthen its presence in South America, expanding into a stable, dollarized economy with favorable macroeconomic fundamentals. The deal significantly enhances Millicom's regional footprint and commercial reach, laying the foundation for innovation, digital inclusion, and sustained long-term growth. Ecuador's telecommunications sector — supported by consistent expansion in mobile and broadband services and an engaged regulatory environment — offers a compelling platform for Millicom to drive digital transformation. Marcelo Benitez, CEO of Millicom, commented: "This acquisition reflects our long-term confidence in Latin America and our commitment to purposeful, sustainable growth. Ecuador offers a dynamic and growing digital market within a stable, dollarized economy, making it a natural fit for Millicom's strategy. By expanding our presence in South America, we strengthen our platform for innovation, diversification, and long-term value creation.' The transaction is subject to regulatory approvals and other closing conditions. Ecuador Profile: Ecuador has a population of approximately 18.5 million (2025 est.), with a median age of 32.4 and 66% living in urban areas. Dollarized, open economy with resilience across energy, agriculture, and services. The fiscal deficit dropped from 3.5% to 1.4% of GDP in one year, while reserves increased by USD 2.4 billion. Backed by a USD 4 billion IMF facility, Ecuador is strengthening its macroeconomic stability without cutting social spending. IMF and World Bank-supported reforms are enhancing transparency, governance, and private-sector conditions, especially in infrastructure, energy, and telecom. Telefonica Ecuador ranks second in mobile in a fragmented telecom landscape. Mobile and broadband markets show consistent growth: +1.4% mobile, +3.6% fixed broadband. Telecom´s sector demonstrated resilience through recent economic volatility. -END- For further information, please contact: Press: Investors: Sofia Corral, Director Corporate Communications press@ Michel Morin, VP Investor Relations investors@ About MillicomMillicom (NASDAQ: TIGO) is a leading provider of fixed and mobile telecommunications services in Latin America. Through its TIGO® and Tigo Business® brands, the company provides a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, high-speed data, voice, and business-to-business solutions such as cloud and security. As of March 31, 2025, Millicom, including its Honduras Joint Venture, employed approximately 14,000 people and provided mobile and fiber-cable services through its digital highways to more than 46 million customers, with a fiber-cable footprint over 14 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg with principal executive offices in Doral, Florida.
Business Standard
05-06-2025
- Business
- Business Standard
Choice Intl's arm bags Rs 63.43 cr projects from Maharashtra and Odisha Governments
Choice International announced that its wholly owned subsidiary, Choice Consultancy Services, has secured two significant project development contracts worth approximately Rs 63.47 crore (inclusive of GST). The projects have been awarded by the State Governments of Maharashtra and Odisha. These contracts mark a significant step in expanding the company's footprint in the public sector transformation and infrastructure planning sectors across India. The company has been awarded a prestigious work order worth Rs 52.80 crores by the Maharashtra Institution for Transformation (MITRA), part of the Government of Maharashtra. This assignment is a crucial part of the World Bank-supported MahaSTRIDE Program aimed at enhancing institutional capabilities at the district level across the Chhatrapati Sambhajinagar Division. The engagement spans a period of five years and focuses on driving data-backed, growth-oriented decision-making. The project is aligned with Indias vision of a $5 trillion economy and Maharashtras goal of achieving a $1 trillion economy. The District Strategic Units (DSUs) established under this initiative will play a pivotal role in supporting these economic goals. Additionally, Choice Consultancy Services has emerged as the H1 (highest-ranked) bidder for the project titled Providing Engineering Consultancy Services in 58 Urban Local Bodies of Odisha State. The project, floated by the State Urban Development Agency (SUDA) under the Housing and Urban Development Department, Government of Odisha, aims to enhance urban infrastructure planning and technical capacity to manage rapid urbanization across the state. With a proposed value of Rs 10.67 crores, this engagement is expected to span two years, pending the final confirmation of the work order. The companys involvement in these initiatives directly aligns with the Government of Indias vision to modernize institutions, expand digital access, and promote inclusive economic growth. By contributing to these transformative programs, the company solidifies its position as a trusted partner in executing high-impact public development strategies across the nation, it added. Arun Poddar, CEO of Choice International, said: "We are proud to deepen our engagement with public sector partners through these important assignments. Our commitment to advancing Institutional capabilities and urban infrastructure is unwavering, and we remain focused on delivering impact-driven, technology-enabled solutions that empower communities and contribute to Indias long-term growth. These project wins further validate our strategic direction and reinforce our positioning as a trusted execution partner in high-value public sector initiatives." Headquartered in Mumbai, Choice Group is a decade old organization, engaged in providing diversified services on finance, engineering and consulting activities. It has its membership and registration with SEBI, RBI, NSE, BSE, MCX, NCDEX, AMFI and depository participant with CDSL & NSDL. The companys consolidated net profit jumped 35.85% to Rs 53.51 crore on 17.93% increase in revenue from operations to Rs 253 crore in Q4 FY25 over Q4 FY24. The scrip shed 0.11% to Rs 7.05.10 on the BSE.
Business Upturn
05-06-2025
- Business
- Business Upturn
Choice International secures public sector projects worth Rs 63.47 crore in Maharashtra and Odisha
By Aditya Bhagchandani Published on June 5, 2025, 10:02 IST Choice International Limited's subsidiary, Choice Consultancy Services, has secured two major public sector mandates with a combined estimated value of ₹63.47 crore (inclusive of GST). These wins mark a significant step in the company's public sector engagement strategy. The first project, valued at ₹52.80 crore, has been awarded by the Maharashtra Institution for Transformation (MITRA) under the World Bank-supported MahaSTRIDE program. It involves setting up District Strategic Units in the Chhatrapati Sambhajinagar Division to support data-driven decision-making and institutional growth over a five-year period. The second project win is in Odisha, where Choice emerged as the top-ranked bidder for engineering consultancy services across 58 urban local bodies. The ₹10.67 crore engagement, initiated by SUDA under the Housing and Urban Development Department, focuses on improving urban infrastructure planning over two years. CEO Arun Poddar emphasized the strategic importance of these contracts, aligning with India's digital and institutional modernization goals. Choice's involvement in these initiatives underlines its role in high-value public development execution. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
