First Independent Mena Newspaper
The Mohammed VI Investment Fund (FM6I) and the African Development Bank (AfDB) signed a Letter of Intent, aimed at increasing funding sources for productive investment and strengthening the role of the private sector in Moroccan economy. This partnership, sealed on the sidelines of the Africa Investment Forum 2023, held last week in Marrakech, will allow […]
As Algerians continue to suffer in long queues for basic goods, the military regime in Algeria has allocated its defense department a bloated budget of 21.6 billion dollars in 2024, up from 19 billion this year. The army thus widens the gap with other departments as the largest spending sector, mirroring its position as a […]
Africa Development Bank (AfDB) has announced the launch of the Special Agro-Industrial Processing Zones Alliance (SAPZ) to mobilize at least $2 billion in financing and investment commitments from its members to develop the continent’s food and agribusiness industry over the next five years. The project has been hailed as a significant step towards making Africa […]
the European Investment Bank (EIB) will extend the Mohammed VI Fund for Investment (FM6I) a new financing package worth €500 million. The Mohammed VI Fund for Investment (FM6I) and the European Investment Bank (EIB) have signed a mandate letter covering a financing package of 500 million euros for the Fund. The financing-related mandate letter, signed […]
Moroccan banks’ profitability continued to recover strongly in 1st half of 2023, with aggregate net income reaching record levels, says Fitch rating agency, noting that the positive trend should continue in 2nd semester due to higher interest rates and loan book growth. The seven largest banks’ aggregate net income increased by 28% yoy in 1st […]
The African Petroleum Producers’ Organization (APPO) is planning to get its first bank by June 2024 in a move to secure funding for the development of regional energy infrastructure. The organization unveiled the plan during a November 2 meeting in Benin. The bank named as African Energy Bank (AEB) would be launched no later than […]
Abdourahmane Diaw, the African Development Bank (AfDB) country manager for Egypt, has revealed the Abidjan-based lender will provide the North African country with $350 million in financing for public and private development projects before the end of 2023. The financing will go to the private sector via credit lines to loaning companies and bank and […]
Benin and the Saudi Fund for Development (SFD) have discussed ways to strengthen partnership between the two sides following a meeting between SFD Chief Executive Officer Sultan Abdulrahman Al-Marshad and the West African country’s finance and economy minister Romuald Wadagni. During the meeting that took place in Riyadh, the Saudi capital hosting the headquarters of […]
The United Arab Emirates will pump more investments in Egypt across various development sectors, the Gulf country’s minister of Investment Mohammed Al-Suwaidy has told Egyptian Premier Mostafa Madbouly. Al-Suwaidy conveyed to Madbouly UAE’s eagerness to invest in various development sectors, highlighting that the directive to do so was issued by President Sheikh Mohamed bin Zayed […]
Governments from Africa’s Sahel have recently met with potential donors and other organizations at the Hand-in-Hand Investment Forum 2023, organized by the Food and Agriculture Organization of the United Nations (FAO), where they presented dozens of projects aimed at boosting agricultural production and food security in a sustainable and profitable way. The FAO’s matchmaking initiative, […]