First Independent Mena Newspaper
The Democratic Republic of Congo (DRC) and GEC, a consortium of Chinese companies, have sealed a new mine-road financing deal worth $7 Billion. The funds are mainly intended for the construction of national roads in the central African country. State-owned mining company Sicomines announced the decision over the weekend following talks on an updated version […]
The Republic of Guinea is seeking to raise more than $3 billion in funding from Dubai for projects under its Interim Reference Program (IRP) 2022-2025, Zawya reports. To meet the target, the West African country will showcase the projects at a Round Table of Donors (RTD), an event to be held on the sidelines of […]
Tunisia’s president Kais Saied extended his power grab to the central bank, undermining the independence of the monetary policy in a country that suffers from an aggravating fiscal and economic crisis. Saied made the statement as he seeks direct financing of the state budget by the central bank, a move many economists warn would further […]
The African Development Bank, AfDB, will hold its 59th annual meetings this year in Nairobi from May 27 to 31, the Abidjan-based lender has announced. Topics to be addressed include the lack of climate finance for African priorities and the high cost of capital to invest in sustainable infrastructure for green growth and a just […]
Global remittances from African diaspora to their home continent are set to exceed $100bn a year amid demographic trends in Europe such as an aging population and a low birth rate that are creating a need for continued migration. Remittances to low- and middle-income countries (LMICs) grew an estimated 3.8% last year, a moderation from […]
Morocco’s economic growth would pick up to 3.2% in 2024 from 2.9% expected in 2023, amid persisting drought but improving exports, planning agency HCP said. The forecast is closer to that of the World Bank which sees the economy growing by 3.1% this year after 2.8% last year. The agency expects Morocco to reap a […]
Gabon has scrapped luxury car taxes that provided the State with $82,000 last year, ‘Gabon Review’ reports citing 2024 draft Budget Bill. On the contrary, the budget bill imposed taxes on brand new vehicles and the measure is set to provide the State with $95,000 in revenues. The State did not collect taxes on brand […]
The European Union has granted Mauritania €9.5 million earmarked to prop up the national budget of the African country in favor of some reforms in the areas of education and health. The reforms in education and health seek to support the implementation of the strategy for accelerated growth and shared prosperity, known as SCAPP launched […]
African countries have faced a myriad of challenges in 2023, not the least of which was currency devaluation, with Nigeria’s Naira and Kenyan Shilling experiencing their largest drop in value against the greenback in 24 and 30 years respectively. While Nigeria and Kenya recorded significant growth across numerous industries, there were still instances of socio-economic […]
Chad’s Prime Minister Succes Masra announced Sunday he will not take his monthly salary that, he said, will be converted into scholarships for the promotion of excellence in 23 regions of the country. “I’m giving up my Prime Minister’s salary entirely. Every job deserves a salary, they say, but I don’t feel I’m working. I […]