First Independent Mena Newspaper
Africa has become the second-largest recipient of credit from India while over the past decade 18 of the 25 new Indian embassies or consulates were opened in the continent, as the South Asian powerhouse tries to catch up with China’s massive sway in the resource-rich continent. Many African nations received about $12 billion or 38% […]
The International Finance Corporation (IFC), the World Bank’s arm for the development of the private sector in developing countries, has signed a partnership agreement with Orange Bank Africa (OBA), Orange Group’s digital bank, to “enable the smallest businesses in West Africa to access the financing they need to grow”. As part of the deal signed […]
Sunu Finance group has pulled out as main shareholder from Cote Ivoire’s trade and industry bank BICICI now controlled by a State-run consortium, “Sika Finance” reports. The holding has sold its 19.11 shares for $35.6 million to Abidjan-based Brandon & MCain Capital, an investment firm founded by Ahmed Cisse, the President of Côte d’Ivoire’s employers’ […]
Burkina Faso has adopted a decree increasing minimum monthly wage to up $75 from $51, few days following talks between Labors Unions and the National council of private employers. The measure, Sika Finance reports, does not apply for the agriculture sector. Labor Unions late last month inked a deal with the country’s private employers’ Council […]
The African Development Bank, AfDB, has made equity investment worth $11 million in Luxemburg-based BluePeak Private Capital Fund to support mid-size firms, including in the pharmaceuticals, agribusiness, manufacturing, and logistics sectors, across Africa. The Abidjan-based bank in a statement said BluePeak – a flagship private capital fund – will provide growth capital to middle-sized companies […]
Gabon is set to apply for a $52 million loan from Boston-based Santander bank to place order for a C295 military carrier from European multinational aerospace corporation Airbus. The aircraft will beef up the operation capacities of the air forces, local media “Gabon Review” reports. C295, according to experts, is a new-generation tactical airlifter in […]
The West African Development Bank – BOAD- has provided $15.3 million credit facility for Golden Tulip Akwaba hotel project in the Ivorian economic capital Abidjan, whose foundation was laid in December last year. The bank announced the credit facility this week adding that the loan will be used to build and exploit the future infrastructure. […]
Sound Energy PLC on Wednesday said that Casablanca-based Attijariwafa offered to finance the second phase of its development of the Tendrara production concession in Morocco. The London-based Morocco-focused upstream gas company said Attijariwafa offered up to around $237 million, subject to conditions being met before the end of September. The funding includes a 12-year term […]
Morocco respects the requirements of fiscal transparency, the U.S. State Department points out in its annual Fiscal Transparency Report. Of the 141 countries evaluated, the governments of 72 countries met minimum requirements of fiscal transparency in 2022, says the report, which was released this Tuesday June 27. Sixty-nine countries did not meet the minimum requirements […]
Mozambique’s former Finance Minister, Manuel Chang, will reportedly be extradited to New York next month to face charges in the United States over his role in a $2 billion bond fraud scandal involving also Credit Suisse Group AG that paid $475 million for its role in alleged fraud, a UN prosecutor said on Monday June […]