First Independent Mena Newspaper
The International Monetary Fund (IMF) has painted a grim picture of the Algerian economy which has been weakened by the macroeconomic imbalances exacerbated by the Covid-19 pandemic and needs urgent structural reforms to maintain stability. “The coronavirus pandemic and concomitant decline in oil production and prices have seriously impacted the economy last year, leading to […]
France’s development agency AFD will pump €100 million into the establishment and management of a wholesale market in Egypt next year. The market will be built in Borg el-Arab; industrial city in the governorate of Alexandria, Arab Finance reports, quoting Minister of Supply Ali Al-Muselhi. A joint Egyptian-French company will be set up to manage […]
Moroccan insurance and real-estate company Holmarcom seeks to buy stakes held by Paris-based Credit Agricole in its Moroccan branch Credit du Maroc. In a statement, Holmarcom said it has started negotiations but added that there is no “uncertainty”. The deal, if completed, will bolster Holmarcom standing as one of leading insurance companies in the country […]
Morocco’s central bank (Bank Al-Maghrib) and Bank of Russia (Central Bank of the Russian Federation) have signed a memorandum of understanding (MoU) aimed at improving and strengthening cooperation between the two Institutions. The agreement covers the exchange of information and expertise in several areas, including developing and implementing monetary policy. It also covers macroprudential policy, […]
Three Egyptian state-controlled banks will launch from next month a $63.5 million (EGP 1 billion) fintech fund to support start-ups in the fintech space and international outfits that want to establish in the Egyptian market, concerned banks have said in a statement. National Bank of Egypt, Banque Misr, and Banque du Caire are behind the […]
Morocco’s central bank has bought $471 million of excess foreign currency from the local market to absorb excess and ensure the good functioning of the market. The central bank said in a statement that it will maintain hard currency auctions as long as necessary depending on the evolution of the foreign exchange market. In recent […]
Bank of Africa of Moroccan BMCE Group has received a €25 million funding provided by the European Bank for Reconstruction and Development (EBRD), with the support of the Green Climate Fund (GCF) and the European Union (EU) to bolster Morocco’s green economy. The announcement was made Friday by the EBRD which contributed €18.75 million, while […]
Nigeria, which has partnered with a foreign fintech company, will be a pioneer in Africa, as will its West African neighbor, Ghana, which has been testing its e-Cedi as a new medium of exchange since September. Central banks around the world are exploring ways to create digital versions of their currencies in response to the […]
The Abu Dhabi Fund for Development, ADFD, is set to finance the upgrading of a fishing port in Mauritania to boost the local industry. The ADFD’s funding, $7.9 million, will be used to renovate the Tanit Fishing Port including the building of an ice factory, the Gulf country’s state-run news agency WAM reported. The project, […]
Libya lost one trillion dollars due to the instability that engulfed the oil rich country from 2011 to 2020, Libyan Minister of Economy Mohamed Hwej has revealed. Libya descended into chaos in 2011 following a NATO-backed revolution that ousted and murdered leader Muammar Gaddafi. Subsequent efforts to unify the country had failed due to rivalry […]