First Independent Mena Newspaper
The African Agricultural Transformation Initiative (AATI), Endowed with a budget of $19.6 million until 2025, has been launched to improve sustainable development in Africa by bridging the gap between the formulation of strategic agricultural initiatives and their successful implementation at local level, the UN International Fund for Agricultural Development (IFAD) said in a press release. […]
China has announced plans to waive 23 interest-free loans to 17 African countries that were due in 2021 amid a growing rivalry with the West and accusations that it is creating “debt traps” on the continent. The relief was announced on 18 August in an address to Chinese and African diplomats at a follow-up meeting […]
Morocco, like most energy importing countries, is facing the fallout of an imported inflation that sent up the prices of basic commodities in the international market. In July, prices rose to 7.7% year on year, according to the national statistics agency. The increase has been felt mostly in food prices and transport cost which rose […]
The Saudi Central Bank (SAMA) Tuesday issued operation permits to “Lean Technologies” and “Mod5r”, two companies which will provide Open Banking Solutions. The permits are in line with the Council of Ministers’ decision in the second quarter of 2022, which provides for the adoption of the Fintech Strategy containing the supreme directive order for the […]
The International Monetary Fund (IMF) is calling on Egypt to cancel all low-interest lending initiatives including loans for small- and medium-sized enterprises (SMEs) and businesses operating in the tourism and mortgage sectors, three government sources who asked not be named told Al-Sharq business. The Washington-based institution told the central bank to cancel all low-interest initiatives, […]
Gulf buy now, pay later (BNPL) Tamara platform said on Monday it raised $100 million in a second round of fundraising from investors, including Sanabil Investments, which is owned by Saudi Arabia’s sovereign wealth fund PIF, Reuters reports. The funding will help the company expand in new markets and provide customers with new products and […]
The Arab Monetary Fund said that the expected economic growth in Morocco by the end of 2022 will not exceed 1%, after last year’s 7.9%, and that 2023 growth will reach 4%. The fund stated in its recently-issued Arab Economic Outlook Report that the yield of the main cereal crops will not exceed 32 million […]
The Saudi Real Estate Refinance Company (SRC), wholly owned by the Public Investment Fund (PIF), has signed an agreement with Riyad Bank to acquire a SR500 million ($133.13 million) real estate financing portfolio, reports say. Fabrice Susini, CEO of SRC and Tareq Al-Sadhan, CEO of Riyad Bank signed the deal in the presence of of […]
Egypt’s President Abdelfattah al-Sisi has named Hassan Abdallah as acting governor of the central bank of the country after the former chief resigned Wednesday. Abdallah until the appointment Thursday was Chairman of the Board of Members of the United Media Services Group (UMS). The 62-year old man replaces Tarek Amer who resigned Wednesday but was […]
Japan, which lags behind other major economies when it comes to investment in Africa, has been increasingly concerned that the pandemic has weakened African economies and worsened their dependence on Chinese investment and aid. US investment in Africa is seven times larger than that of Japan, that of the UK and France is more than […]