First Independent Mena Newspaper
On December 3, the Central Bank of Egypt (CBE) announced that Kuwait has agreed to extend a $2 billion deposit for an additional year. Originally set to mature in April 2024, the deposit will now mature in April 2025, according to the CBE’s latest external position report. This decision provides Egypt with crucial financial breathing […]
Egypt’s external debt reached a record $168.1 billion in 2023, a 2.9% rise from the previous year and the highest level since 2012, according to the World Bank’s International Debt Report (IDR) released on December 3. However, the Central Bank of Egypt (CBE) reported a 5% quarterly decline, with external debt falling to $152.88 billion […]
Africa needs further access to sustainable finance to achieve development goals and bolster growth, Moroccan finance minister Nadia Fattah said. “The long-awaited growth of our continent depends heavily on the ability of our countries to access the financing needed to achieve the goals of the 2030 Agenda for Sustainable Development and the African Union’s Agenda […]
Egypt’s House of Representatives approved on Monday, December 2, a Memorandum of understanding (MOU) with the European Union, securing a €1 billion financial support mechanism aimed at stabilizing the Egyptian economy and bolstering the national budget, according to the Ministry of Planning, Economic Development, and International Cooperation. This funding is part of a broader €7.4 […]
Many micro and small businesses, as well as ordinary citizens, had been eagerly awaiting this announcement, which came on Monday December 2, from MP Yassine Mami. The elected official confirmed the approval of a bill establishing a tax and customs amnesty for 2025. The Assembly of People’s Representatives (ARP) passed a series of provisions granting […]
In the first ten months this year, tourism revenue and remittances from Moroccans abroad steadily increased on the way to break last year’s record. Tourism revenue grew to $9.7 billion, while remittances from Moroccans living abroad reached nearly $1 billion, auguring well for the country’s foreign exchange reserves, currently covering 5.5 months of import needs. […]
Morocco’s central bank has prepared a draft law that would set up a secondary market in which non-performing loans, currently at 9.8 billion dollars, can be sold, in a move that will boost banks’ liquidity. The news was announced by director general of the central bank, Bank Al Maghrib, Abderrahim Bouazza, who said non-performing loans […]
In response to ongoing concerns about inflationary pressures, the Board of Directors of the Central Bank of Tunisia (BCT) convened on November 28, 2024, to evaluate the country’s economic outlook. After careful deliberation, the Board concluded that it was essential to maintain a cautious and prudent approach to monetary policy. As a result, they decided […]
Morocco and France signed on Wednesday in Rabat two agreements worth €150 million. The funds are destined to support the Generalization of Compulsory Medical Coverage Program, and the Government Equality Plan 2023-2026. The first agreement, worth €100 million, is part of ongoing support of the French Development Agency (AFD) for the Royal project to globalize […]
Morocco’s central bank has prepared a draft law allowing the use of crypto assets in the country, Central Bank governor Abdellatif Jouahri said. The central bank “with the participation of all stakeholders and the support of the World Bank, has prepared a draft law regulating crypto assets, which is currently in the adoption process,” Jouahri […]