First Independent Mena Newspaper
Spiro, a leading electric motorbike manufacturer and clean energy provider in Africa, has landed $63 million loan from GuarantCo, a company in the Private Infrastructure Development Group (PIDG), and the French bank Société Générale to be used to expand its fleet of electric motorbikes, alongside the associated batteries and swap stations, in Benin and Togo. […]
The Arab Bank for Economic Development in Africa (BADEA) and Benin have signed on Monday August 7 a $100-million sovereign loan agreement to address climate change, food security and boost the private sector of the West African country. The signing took place on the sidelines of the visit of Sidi Ould Tah, President of BADEA […]
The United Arab Emirates (UAE) has emerged as Africa’s largest provider of foreign direct investment (FDI), funnelling $59.4 billion into key high-growth sectors such as infrastructure, energy, transport, logistics, and technology. The UAE has joined the bandwagon of world powers scrambling for commercial dominance in Africa, targeting a share of the continent’s 1.2 billion people […]
Rabat-based Bayt Mal Al-Quds Asharif Agency will support and empower Al-Quds families through small-scale productive projects under an agreement signed Wednesday with Al-Quds Governorate. The agreement, which was initialed by the Agency’s Coordinator of Programs and Projects in Al-Quds, Ismail Ramli, and the Vice Governor of Al-Quds, Abdellah Sayyam, aims to support and empower families […]
The World Bank’s private sector financing arm, International Finance Corporation (IFC), has provided a credit package of $150 to Olam Palm Gabon, the subsidiary of Singapore-based Olam International, to boost the company’s production of palm oil in the central African country. The loan, Gabon Review reports, will be used in the construction of a biodiesel […]
Morocco’s trade deficit contracted by 6.8% in the first six months this year, thanks to a rise in car exports and a drop in energy imports, the foreign exchange office said. Imports dropped to 358 billion dirhams, while exports rose to 221 billion dirhams leaving a deficit of 138 billion dirhams. Morocco has prepared the […]
Africa’s position on the global stage needs to be strengthened to allow the continent to fully participate in discussions on G20 initiatives such as the Common Framework, according to Hanan Morsy, Deputy Executive Secretary and Chief Economist at the United Nations Economic Commission for Africa (UNECA). The Africa High-level Working Group on Global Financial Architecture […]
Abu Dhabi Islamic Bank Egypt (ADIB Egypt) has named Rania Al-Mashat, Egypt’s Minister of International Cooperation as a member of the board of directors. Al-Mashat, Ahram Online reports, received a special waiver from Prime Minister Mostafa Madbouly to serve in the new position while maintaining her portfolio in the Egyptian Cabinet. Abu Dhabi Islamic Bank […]
Banknbox, a financial technology (fintech) firm based in the Egyptian capital of Cairo, announced the opening of its $10 million regional headquarters in Egypt to provide an integrated platform of banking solutions, electronic payments, smart transportation tech, and digital government payment solutions, among others. Banknbox CEO and Managing Director Basem Mahmoud said the company chose […]
North African countries are projected to see a slight increase in economic growth to 4.6% in 2023 and 4.4% in 2024, and should make green growth an urgent priority, according to the latest North Africa Economic Outlook report published by the African Development Bank (AfDB). In the report titled “Mobilizing Private-Sector Financing for Climate and […]