First Independent Mena Newspaper
The UAE companies topped the list of investors in the African continent, pledging projects worth 110 billion dollars between 2019 and 2023, the Financial Times reported. Most of the investments, or 72 billion dollars, went to renewable energy projects, FT said. These investments outweighed those announced by UK, France or China. UAE companies also have […]
With the two-term tenure of African Development Bank (AfDB) president Akinwumi Adesina coming to an end by May 2025, a total of eight candidates, including from South Africa, Algeria, Senegal, Zambia, and Mauritania, are in race to succeed him. The race is beginning to heat up with candidates across Africa declaring their intention to replace […]
Remittances to Africa and the Middle East, which play a pivotal role in many regional economies, significantly contributing to their GDP, are estimated to have increased 5.4% in 2024, primarily due to rebounded flows to Egypt, after a 14.6% decline in 2023. In 2024, remittance flows to low- and middle-income countries are expected to reach […]
The World Bank’s Board of Directors has approved a program worth $250 to help Morocco increase the resilience of its agri-food system to climate change and strengthen food safety and quality. “Overall, the Program is expected to benefit 1.36 million people, including almost 120,000 farmers and over one million consumers, with improved food safety and nutrition […]
Governor of Morocco’s central bank, Bank Al-Maghrib (BAM), Abdellatif Jouahri, said earlier this week that the legal framework governing crypto-assets in Morocco, currently undergoing adoption process, aims to regulate this ecosystem while preserving the financial innovation that can emerge from it. “We wanted to regulate the use of crypto-assets, without stifling the innovation that can […]
The leaders of the Economic Community of West African States (ECOWAS) have pledged to renew efforts to launch the region’s single currency, the ECO, with the revised date set for 2027. This decision was reaffirmed during the recent 66th Ordinary Session of the ECOWAS Authority of Heads of State and Government in Abuja, where leaders […]
The German Agency for International Cooperation (GIZ), through KfW, will grant Morocco’s National Office of Electricity and Drinking Water (ONEE) a €50 million loan destined to finance a climate-resilient drinking water supply program. The program is aimed at securing and reinforcing drinking water supply in several towns, including Ghafsai, El Hajeb, Ain Legdah, Bouderbala, Souk […]
Morocco’s Central Bank has decided to reduce key rate by 25 basis points to 2.50 percent as inflation continues to evolve at low levels and is expected to end the year with an average of 1% compared to 6.1% in 2023. The decision was made by the Board of the Bank during its latest quarterly […]
Mauritania’s public debt stood at 177.8 billion new ouguiyas (approximately $4.4 billion) as of mid-2024, according to the latest report from the Public Debt Directorate. This amount represents 40.3% of the country’s Gross Domestic Product (GDP) as of June 30, 2024, underscoring the scale of Mauritania’s fiscal obligations relative to its economic output. The report […]
The Egyptian House of Representatives officially approved on Dec.15 a key financing agreement between the Egyptian Government and the Abu Dhabi Exports Office (ADEX). This agreement aims to support Egypt’s wheat imports through the General Authority for Supply Commodities (GASC), ensuring a reliable supply of wheat for the country. The framework outlined in the agreement […]