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Egypt scraps requirement for letters of credit for imports

The Central Bank of Egypt (CBE) abolished a February 2022 circular requiring the use of letters of credit for imports, and allowed the use of collection documents instead, Arab Finance reports. The CBE in a late December circular scrapped the letter of credit which provides an irrevocable guarantee to the exporter that the importer’s bank […]

King Mohammed VI Calls for Rekindling Commitment, Solidarity between Morocco, Algeria

King Mohammed VI of Morocco has expressed hope that the commitment and sincere solidarity which have always bound the Algerian and Moroccan peoples would be rekindled to take up the challenges facing the Maghreb and Africa. “We hope that the commitment and sincere solidarity which have always bound the Algerian and Moroccan peoples will be […]

Assad regime’s collapse threatens Russia’s ambitions in north, sub-Saharan Africa

The fall of Syrian long-time dictator Bashar al-Assad’s regime could lead to Russia losing its military bases located in the country and, if this happens, it could have serious consequences for the Kremlin’s operations and power projection in Libya and sub-Saharan African countries, says a latest report by the American Institute for the Study of […]