First Independent Mena Newspaper
China has unveiled an ambitious plan to strengthen its partnership with Africa, pledging $51 billion in fresh financing and promising to create at least one million jobs. President Xi Jinping announced this initiative at a major China-Africa cooperation summit in Beijing, attended by delegates from over 50 African nations. The comprehensive package includes support for […]
Despite consecutive dry years, Morocco’s banking sector has shown resilience and stability, the World Bank said. “Stress tests in Colombia, Morocco, and Mexico indicate that overall physical risks such as droughts and floods as well as transition risks are relatively benign for the financial system as a whole,” the World Bank said in its “Finance […]
Libya’s central bank chief Sadiq al-Kabir said he and other senior bank employees had to flee the country to protect their lives from militias. Few days ago, the bank suspended activity after a senior official was kidnapped by militias. Disrupted central bank activity, which controls billions of hydrocarbons money, has forced oil production to shutdown […]
UN Security Council members voiced concerns over recent tensions in Libya, urging all Libyan actors and institutions to avoid unilateral actions that could escalate conflicts and deepen divisions. The council members called on Thursday for a de-escalation of tensions, urging Libyan leaders to refrain from using force, threats, or economic pressure, and to seek a […]
In a surprising shift atop Africa’s wealth pyramid, South African business magnate Johann Rupert has claimed the title of the continent’s richest person, surpassing long-time leader Aliko Dangote of Nigeria. This changing of the guard reflects the volatile nature of global markets and regional economies. Rupert, the 74-year-old mastermind behind the world’s largest luxury watchmaker, […]
The United Nations and the US have called for an “urgent” meeting of Libyan political leaders to address the crisis of the Central Bank of Libya (BCL) and the blockade of oil production and exports. The UN Support Mission in Libya expressed “deep concern” over the worsening situation and convened a meeting to seek a […]
The Board of Directors of the Central Bank of Libya, appointed by the Presidential Council, announced on Monday (August 26) evening that it has fully assumed its management duties. The announcement was made through a statement on the bank’s Facebook page. In the statement, the board affirmed its dedication to ensuring a smooth transition and […]
The Egyptian Government has secured an €8 million agreement with the European Union (EU) through the EU Tigara program to enhance trade, industry, and market access. According to the Ministry of Planning and International Cooperation, the initiative aims to strengthen Egypt’s enterprise growth and trade mechanisms, while boosting the involvement of small and medium-sized Egyptian […]
In a significant shift from decades-long practice, Ghana’s cocoa regulator, Cocobod, has announced it won’t be seeking its usual syndicated loan for the upcoming 2024/25 cocoa season. This marks the first time in over 30 years that the world’s second-largest cocoa producer has opted for self-financing. The decision, revealed by Cocobod’s Chief Executive Joseph Boahen […]
Malawi, grappling with a severe El Niño-induced drought, has received a much-needed financial boost. An insurance payout of $11.2 million has been disbursed to the southern African nation, offering a glimmer of hope in the face of a dire food crisis. This payout comes at a critical time for Malawi, one of the world’s poorest […]