First Independent Mena Newspaper
Moroccan expatriates’ remittances reached 108.67 billion dirhams through November 2024, showing a 2.8% annual increase, according to the latest foreign exchange statistics. The Office des Changes reports that remittances growth maintains its upward trajectory, marking a substantial 77% increase compared to November 2020 levels of 61.25 billion dirhams. The previous year closed at 115 billion […]
The African Development Bank (AfDB) will support the first phase of Egypt’s Private Sector Development and Economic Diversification Program. This comes under a $131 million agreement with the Egyptian Government and is part of a broader effort to strengthen Egypt’s economy and improve the business environment. This initiative aligns with the government’s strategy to enhance […]
Libya has officially become the 53rd member of the African Export-Import Bank (Afreximbank), marking a significant step towards enhancing economic integration within Africa. This milestone was announced to the media over the weekend, although the formal membership occurred earlier in the week. As part of its membership, Libya aims to leverage Afreximbank’s support for several […]
The Central Bank of Tunisia (BCT) announced on Saturday December 28 its decision to maintain the key interest rate at 8%, following a meeting of its board of directors. This decision reflects the Bank’s cautious approach to stabilizing the economy while carefully navigating inflationary pressures and broader economic uncertainties. In its official statement, the BCT […]
Bayt Mal Al-Quds Agency, the executive arm of the Al-Quds Committee, Chaired by King Mohammed VI, invested $4.2 million in 2024 in projects and programs supporting the Palestinian people. According to the Agency’s 2024 annual report, the implemented projects were distributed across various sectors, with 31% allocated to social assistance programs, 19% to arts, heritage, […]
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 […]