First Independent Mena Newspaper
The Arab Fund for Economic and Social Development has granted Tunisia $52 million (KWD16 million) in form of credit facility to be used for road projects. The financing deal was signed during the 52nd annual meeting of the Board of Governors of the fund, held on the sidelines of the annual joint meetings of Arab […]
Japan will finance the construction of Cairo’s fourth metro line to the tune of $700 million. The announcement was made Sunday during a visit to Egypt by the Japanese Prime Minister Fumio Kishida. This Japanese investment is one of the largest packages to support the plan to develop transportation in Egypt. The fourth phase of […]
King Mohammed VI of Morocco said Arab financial institutions should pool effort to address economic challenges in a context of geopolitical tensions and inflationary pressures while working together to fund climate action and concessionary finance in the region. To rise up to global challenges and risks to energy and food security in particular, “we clearly […]
Fitch agency has awarded Morocco ‘BB+’ rating consolidated with a stable outlook thanks to the country’s sound macroeconomic policies that has supported resilience to shocks, a favorable debt composition and a comfortable external liquidity buffer. Economic growth slowed in 2022 to 1.2% from 7.9% in 2021, as agricultural output contracted by 15% due to a […]
The European Bank for Reconstruction and Development (EBRD) is set to approve by end of May a $100 million loan program to Banque Misr, under the Financial Intermediaries Framework (“FIF”), to finance micro, small, and medium enterprises (MSMEs). The program, according to the EBRD website, will support BM’s lending to private MSMEs in Egypt, where […]
As the 15th edition of the BRICS summit approaches, two topics are high on the grouping’s agenda: its expansion, with the arrival of several African countries in particular; and the development of a new currency to be used for cross-border trade by the BRICS nations, which may be seen a push for de-dollarization. De-dollarization’s moment […]
Not all Africans are poor — this could arguably be the main message from the 2023 edition of the annual Africa Wealth Report by London-based Henley & Partners that reveals that the ‘Big 5’ wealth markets in Africa — South Africa, Egypt, Nigeria, Kenya, and Morocco — together account for a significant 56% of Africa’s […]
Morocco and Germany announced on Wednesday in Geneva a joint financial contribution for the Migration Multi-Partner Trust Fund (MPTF) of the International Organization for Migration (IOM). By joining their efforts, the two countries confirm their commitment made during the Intergovernmental Conference to Adopt the Global Compact for Safe, Orderly and Regular Migration organized by the […]
Egypt and Greece have signed a Memorandum of Understanding (MoU) to launch a periodic dialogue between their ministries of Finance in order to exchange views on financial policy issues and topics, mechanisms of developing technical cooperation, the Egyptian Finance Ministry said in a statement. Mohammed Moait, Egypt’s Finance Minister signed the deal with his hosting […]
The European Union (EU) has provided a fresh credit facility of 32.7 million euros to the Democratic Republic of Congo to be used to provide assistance to people in the eastern region where several populations have been affected by fighting between the army and rebel groups. The loan will be channeled through humanitarian organizations to […]