First Independent Mena Newspaper
Speaker of Libya’s House of Representatives (HoR), Aqila Saleh, announced on Wednesday, November 20, a further reduction in the tax on foreign currency transactions, lowering it to 15% from the previous 20%. This adjustment applies to all purposes and marks the second decrease in what is commonly referred to as the “dollar tax.” Last October, […]
Higher food prices triggered a surge in the inflation rate to 33.9% in Nigeria in October, up from 32.7% a month earlier, the national statistics agency said. The jump was attributed to a steep rise in the prices of staples such as maize, rice, and cooking oil, the agency said. In a bid to tame […]
The European Bank for Reconstruction and Development has approved a financing of 200 million euros to support the desalination program of Morocco’s phosphates group, OCP. The loan will finance the construction of two OCP seawater desalination facilities, at its key industrial complexes in El Jadida (Jorf Lasfar) and Safi, the bank said in a statement. […]
The Nigerian Government has secured a $134 million loan from the African Development Bank (AfDB) to strengthen its agricultural sector amid growing food insecurity concerns. This funding aims to increase seed and grain production and improve food security, according to a statement of the Agriculture ministry on November 14. A recent “Harmonized Framework” report, prepared […]
The International Monetary Fund (IMF) has approved $415 million to support Morocco’s efforts to mitigate the negative impacts of climate change on its economic growth. Morocco continues to make progress in bolstering its resilience against climate change and seizing the opportunities from decarbonization, under the Resilience and Sustainability Facility (RSF), said the Fund in a […]
Moroccan financial regulators announced the launch of the futures market which would help the Casablanca stock exchange attract more investors. The launch was announced in a ceremony by bourse regulator AMMC, the finance ministry and the central bank, who all highlighted the importance of the financial instrument in the reforms launched by the country to […]
Buna, the Arab Regional Payment System, has forged a strategic partnership with the global payments technology provider Mastercard in a move to enhance cross-border payments in the Middle East and North Africa (MENA) region, offering faster, more transparent, and cost-effective transactions for businesses and consumers. This private-public collaboration aims to reduce friction in cross-border payments […]
The number of fintech companies in Africa have almost tripled this year compared with 2020 as financial conditions across the continent ease, though funding costs are still an obstacle to further growth, according to a new report by the European Investment Bank (EIB). This progress is thanks to the improving access to finance for people […]
Egypt’s annual core inflation rate stood at 24.4% in October 2024, showing a slight decrease from 25% in September 2024, according to data released by the Central Bank of Egypt (CBE). This figure, which excludes volatile items like food and energy, indicates a modest easing of inflationary pressures. The monthly core Consumer Price Index (CPI) […]
Somalia has achieved a significant financial breakthrough with the United States agreeing to cancel more than $1.1 billion in outstanding loans, representing approximately one-quarter of the nation’s remaining debt burden. This historic agreement marks a crucial step in Somalia’s economic recovery from decades of financial isolation. The debt, largely accumulated during the military dictatorship that […]