First Independent Mena Newspaper
Paris-based multinational financial services company, Société Générale, also known as SocGen, has withdrawn from four African countries, namely Chad, Congo, Equatorial Guinea, and Mauritania. The company announced this Thursday that it has signed agreements with two pan-African banking groups for the sale of its subsidiaries in the four African countries. The company has not disclosed […]
Morocco’s economic growth is expected to reach 2.5 pc in 2023 before rebounding to 3.3 pc in 2024, according to the World Bank’s latest Global Economic Prospects report. The persistent drought and high inflation are weakening growth in Morocco, with unemployment rising to above its pandemic peak in March 2023, said the WB. However, growth […]
The Ivorian Government inked Tuesday three Memorandum of Understanding (MoU) worth $450 million for three projects to increase sustainable economic growth, job creation and private sector development, Anadolu news agency reports, citing a communique issued by national steering Committee for public-private partnerships. The agreements were signed on the sidelines of the Africa CEO Forum held […]
Morocco will spend 0.5 billion dollars to help farmers access animal feed at a subsidized price as the country’s grains agency tenders for 500,000 feed barley. The aid is part of a $1 billion package announced last month in aid to farmers to help mitigate drought impact on crops and cattle. Recurrent droughts slashed Morocco’s […]
Tunisian President Kais Saied is set to reject IMF conditions for a $2 billion loan and looks instead to raise taxes on the wealthy to fill in drained state coffers, in yet a new populist move that has little effect on the country’s soaring external debt and due payment deadlines. Saied who has consolidated his […]
Egypt and Saudi Arabia signed Sunday two deals for industrial cooperation covering non-oil exports and auto industry, Ahram Online reports. The first Memorandum of understanding (MoU) involved the export authorities of both countries to boost cooperation on non-oil exports. The second deal is signed between Saudi National Industrial Development Centre and Egyptian consumer finance company […]
France’s development agency, AFD, and Niger have inked a financing agreement for two projects worth 22 million euros in the African country. The first project focusing on household food security, will benefit from a 10 million euros subsidy to support the most vulnerable households by improving their food security. Local NGO Karkara and the national […]
The World Bank announced Wednesday the resumption of its partnership with Tunisia, two months after suspending cooperation with the North African country following President Kais Saied’s remarks on Sub-Saharan African migrants deemed racist. Tunisia and the Washington-based institution prior March were in talks for a $500 million program encompassing direct support to the hardest-hit families […]
Kenya’s President William Ruto has called on African leaders to take first steps towards ditching the US dollar as the world’s reserve currency by adopting a pan-African payments system to facilitate trade within the continent. Ruto has urged his African counterparts to mobilize central and commercial banks to join the Pan-African Payments and Settlement System […]
Tunisia’s Foreign Minister Nabil Ammar indicated Thursday that the North African country is still in talks with the International Monetary Fund (IMF) for a $1.9-bllion loan, but warned there are red lines not to cross. “Tunisia will not break off negotiations with the IMF and its partners, but there is no question of crossing red […]