First Independent Mena Newspaper
President of Niger Mohamed Bazoum chaired Monday in Paris an investors’ roundtable for the financing of the Economic and Social Development Program known as PDES 2022-2026, the office of the African leader has indicated. The program, according to Bazoum, will require around $30 billion and contributions from international technical and financial partners and the private […]
Morocco will make a contribution to replenish the African Development Fund, a concessional funding window of the African Development Bank. “The decision reaffirms Morocco’s willingness and commitment to help African states in line with the King’s enlightened vision to foster African solidarity and prosperity,” Finance Minister Nadia Fettah Alaoui said in a speech read on […]
Remittances from Moroccans abroad are expected to hit 11 billion dollars, a record level compared to 9.3 billion last year, the World Bank said in a recent report. Remittances are key to feeding Morocco’s foreign exchange reserves, which cover around 6 months of import needs, according to the central bank. Morocco, whose diaspora is mainly […]
Kenya’s President William Ruto has officially launched his “resourceful fund”, the flagship measure of his campaign intended to give the poorest access to credit and revive the economy of this African country “from below“. Since taking office in September, Ruto has endeavored to deliver on his campaign promises in a country struggling with historic drought, […]
Nearly 30 senior executives representing twenty Central Banks from Africa and the Middle East attended a cybersecurity workshop organized Nov.28-29 in Rabat by Morocco’s Bank Al-Maghrib and the Bank of England (BoE). The meeting was opportunity for the banking experts to exchange experiences and views on cybersecurity. The debates focused on topics related to cybersecurity […]
The official importer and distributor of BMW in Egypt, Global Auto Group, has announced plans to inject $100 million meant to develop its services and expand its footprints in the Arab country. Fahad Al-Ghanem, Chairman of the group, made the announcement to Asharq Business, Arab Business reports. Al-Ghanem also revealed that the company will resume […]
African finance ministers and central bank governors are meeting in Lomé, Togo, this Nov. 28-29 for the African Finance Industry Summit (AFIS) to discuss how Africa’s finance industry can contribute to the continent’s economic recovery. Morocco is participating in the African Summit, held under the theme “Sustainable, borderless and digital, Transforming finance in the age […]
The European Union, EU, has allocated 96 million euros for West African states to support the region to build resilience and local food production capacity in the backdrop of the ongoing crisis between Russia and Ukraine. Francesca Di Mauro, head of the EU mission to Cote d’Ivoire made the announcement Monday in capital Abidjan. She […]
After the FTX cryptocurrency exchange’s collapse earlier this month that has left a trail of losses for companies and individuals, Africa’s financial regulators have sensed an opportunity to place stricter constraints on crypto’s adoption. Before FTX’s meltdown, the crypto giant was becoming a force for normalizing cryptocurrencies in Africa, through marketing campaigns that enlisted entertainers, […]
German Development Bank (KfW) has pledged to provide Morocco €165 million funding to continue reforming its financial system which has shown resilience to external shocks. The KfW financial support includes a €150 million loan and a €15 million grant. Funding agreements were inked Wednesday in Rabat by Economy & Finance Minister Nadia Fettah and Head […]