First Independent Mena Newspaper
In a bid to alleviate the burden of rising living costs on citizens, the Egyptian government has announced a substantial EGP 200 billion social support package, which will be implemented during Ramadan and extended into the upcoming fiscal year. Prime Minister Mostafa Madbouly revealed the details of the new initiative on Wednesday February 26, which […]
Attijariwafa Bank reported a 26.6% increase in its annual 2024 net profit to 950 million dollars, amid an expansion of activity in Morocco and in African subsidiaries. The bank reported an 8% increase in loans to the economy in Morocco, raising its market share to 28.1% from 26.9% in 2023, it said in a statement […]
Sub-Saharan Africa remains the world’s most expensive region when it comes to transferring remittances, with an average cost of transferring money of 8.37% in the second quarter of 2024, according to the World Bank’s most recent report. This cost remains significantly above the global average, despite the increasing importance of remittances in the region’s economies. […]
The African Development Bank (AfDB) has partnered with the International Criminal Police Organization (INTERPOL) to enhance efforts in fighting financial crime and corruption across Africa. The two organizations signed a Letter of Intent last week to strengthen their collaboration in tackling illicit financial flows, cybercrime, and money laundering. This partnership is the first for a […]
Atlantique Finance, a subsidiary of Morocco’s pan-African Banque Centrale Populaire (BCP) group, has emerged as the leading investment and brokerage firm in West Africa’s economic and monetary union, achieving a remarkable 25% market share and transaction volume of 235 billion CFA francs (approximately $358 million) in 2024. The firm’s ascent to market leadership among 36 […]
President Kais Saied urged lawmakers to end the independence of the monetary policy in the country by adopting a law that would allow the treasury to borrow directly from the central bank. The move is the latest in a series of moves to concentrate all powers in his firm grip, after he sapped the democratic […]
The Court of Appeal in London has upheld a ruling on a property in the capital linked to the late Libyan leader Muammar Gaddafi. The court sided with a US defense contractor in its bid to collect a £16 million award issued by the International Criminal Court (ICC) against the Libyan State. The dispute centers […]
Africa is set to establish its own credit rating agency by June 2025, marking a significant shift in how the continent’s economies are evaluated. The Africa Credit Rating Agency (AfCRA) aims to provide more nuanced sovereign ratings by incorporating local contexts often overlooked by traditional agencies like Moody’s, Fitch, and Standard & Poor’s. This initiative […]
The Libyan Audit Bureau has granted approval for the distribution of family support grants for the fourth quarter of 2024, following a thorough examination of data provided by the Ministry of Social Affairs. The total amount authorized for disbursement is $2.3 billion (1.15 billion Libyan dinars). The funds are set to benefit thousands of individuals, […]
African leaders and business executives, at the World Governments Summit in Dubai, sought to strongly challenge the persistent myths about investment risks in Africa. Speaking in one of the panels, Akinwumi Adesina, president of the African Development Bank (AfDB), presented data revealing that Africa’s risk profile is far lower than commonly believed, with a loss […]