First Independent Mena Newspaper
The health of Algeria’s currency, the dinar, has always been measured against oil prices. The end of the era of expensive oil in late 2014 has sent the dinar dwindling in value as Algeria continues to squander its oil mantra avoiding painful reforms to diversify its economy. Since the beginning of this year, the dinar […]
Kuwait Monday dismissed reports that it has planned to inject $1.6 billion into the Turkish plummeting Lira which lost 40 per cent of its value against the US dollar amid the ongoing diplomatic crisis between Ankara and Washington. Kuwaiti Finance Minister Nayef Al-Hajraf discussed with his Turkish counterpart Berat Albayrak Turkey’s economic situation on Sunday […]
The European Bank for Reconstruction and Development (EBRD) has announced a €205 million loan to Egypt to help the transports authority rehabilitate Cairo Metro, the major means of public transport in the Egyptian capital. The funds will finance urgent works on Line 1 – the oldest of the Cairo underground lines – which remains the […]
Morocco’s biggest lender, Attijariwafa Bank, won two prizes at the Euromoney Awards for Excellence 2018. The bank was ranked best in Morocco and topped the list of banks in Africa for SMEs, Euromoney magazine said. Euromoney’s Awards for Excellence were established in 1992 and were the first of their kind in the global banking industry. […]
The European Bank for Reconstruction and Development (EBRD) has granted Novares Morocco, the Moroccan subsidiary of the French automotive supplier Novares Group, a €16.5 million loan. The amount will be used to finance the Novares project in Morocco, supplying the plants of Peugeot PSA in Kenitra and of Renault in Tangiers. The funds will also […]
As part of its External Investment Plan, the EU Tuesday gave its green light to a package of financial guarantee programs worth around €800 million. This will help to leverage an estimated €8-9 billion in public and private investment in Africa and the Neighborhood, the European Commission announced in a press release. The decision is […]
As the Sahel region experiences its worst food and nutrition crisis in five years and continued insecurity, the European Commission has announced Tuesday a humanitarian aid package worth €191.3 million. Over one third of the amount, i.e. €70,6 to be shared between Mali and Nigeria. “There is no time to waste with many affected by […]
The Central People’s Bank of Morocco (BCP) has secured funds from Proparco and the African Development Bank, destined to upgrade its business financing in West Africa, mainly in Côte d’Ivoire, Guinea, Mali and Senegal, where the bank is operating through its subsidiary Banque Atlantique. BCP has thus signed Thursday in Casablanca a funding agreement with […]
Imports continue to drain Algeria’s foreign exchange reserves, which are expected to end 2018 with $85 billion as the country reels under the drop in oil revenues. Reserves were at $90 billion by the end of May, almost less than half the $190 billion reserves registered in end 2014 prior to the oil price slump. […]
Morocco’s economy is expected to post a growth rate of 3.6% in 2018, the Central Bank said, revising upwards estimates of 3.2% in the appropriation bill. This growth is due to a rebound in agricultural added value by 5.7% as the country expects a good crop year with cereal production projected to stand at 98.2 […]