First Independent Mena Newspaper
Casablanca Finance City has outstripped Johannesburg and Mauritius to become the leading financial center in Africa as it topped the continent’s ranking established by the Global Financial Centers Index (GFCI.) At the global level, CFC stands on the 33rd position of the ranking established by GFCI which ranks financial centers according to one main criteria: […]
Algeria’s “social model” known for its significant subsidy program is “unsustainable even if oil prices go up because we have a problem of price but also a problem of volume.” The statement was made by Abdelatif Benachenhou, former finance minister and economic adviser to President Abdealziz Bouteflika, who said that the state spends around $45billion […]
The World Bank Group has worked out a new ambitious strategy to deal with the economic and political fallout of the conflicts rocking the region of North Africa and the Middle East. The goal is to lay the foundations for long-term peace and stability. With the support of the United Nations and the Islamic Development, […]
Moroccan banks are operating now in 22 African countries and around 17 per cent of their foreign activity is on the continent, says Financial Times in a special report shedding lights on Morocco’s economic potentials. “These African countries represent a real growth potential given the level of banking penetration, which remains one of the weakest […]
Algeria needs to adjust to the shock created by the oil prices collapse by intensifying fiscal consolidation and speeding up implementing some structural reforms. “Opportunity to reshape Algeria’s growth model should be seized now, before a more rapid adjustment becomes unavoidable.” The statement was made by a delegation of the International Monetary Fund (IMF) at […]
The Executive Board of the International Monetary Fund (IMF) has completed its 3rd and last review of Morocco’s economic performance under a program supported by a two-year Precautionary and Liquidity Line (PLL) arrangement, and reaffirmed Morocco’s continued qualification to access PLL resources. The current two-year PLL arrangement in an amount equivalent to SDR 3.2351 billion […]
The Egyptian government has obtained a German financial support for three power projects to be carried out under the supervision of German group Siemens, through their local partners Orascom Construction and El-Sewedy Electric. The three projects will cost $ 6.3 billion lent by Deutsche Bank, HSBC Germany and German Bank of Reconstruction (KfW). The loan […]
The European Bank for Reconstruction and Development (EBRD) has approved a US$ 200 million loan for the construction of a new 1.8 GW combined cycle gas-fired power plant in Damanhour, north west of Cairo. This loan will contribute to funding the US$ 1.3 billion total project cost, which is also being supported by the European […]
Algerian Minister of Territorial Development, Tourism and Handicrafts announced Monday in Algiers the launch of 2,500 tourism projects in 2016 in a bid to strike balance between offer and demand in the tourism industry. Speaking at a national seminar on tourism agencies’ activities, Amar Ghoul indicated that the 2016 plan is meant to promote tourism […]
Morocco will have its first Islamic bank next year, according to a statement made lately in Kuwait by governor by the central bank of the North African country Abdellatif Jouahri. Morocco will become thus the latest Muslim-majority country to develop a regulatory framework specific to Islamic finance after the parliament approved last year a bill […]