First Independent Mena Newspaper
The African Continental Free Trade Area (AfCFTA) has potential to increase cross-border remittances by migrants, according to a new report by World Bank, even as international markets remain the largest sources. The AfCFTA has the potential to make cross-border transactions such as remittance transfers by migrants within Africa cheaper through the Pan-African Payment and Settlement […]
Mali’s leading energy supplier and distributor “Yara Oil” is in advanced talks with the World Bank’s private sector financer, the International Finance Corporation (IFC), for a loan of €20.7 million earmarked to finance its domestic expansion plan, “Sika Finance” reports. Per the expansion plan, the company founded in 1983, will start 10 new distribution stations […]
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 […]
Gabon’s President Ali Bongo Ondimba, whose family has ruled the oil-rich West African state for 55 years and is now favorite for a third term, will face 18 other candidates in next month’s poll, authorities announced Monday (24 July). The 64-year-old, who took over from his father Omar Bongo Ondimba in 2009, officially announced in […]
The International Finance Corporation, IFC, has provided a loan worth close to $3 million to Chad’s leading microfinance Express Union Tchad (EUT) to boost access to finance for underserved communities —particularly women and those in rural areas, bolster the microfinance sector, and help drive economic growth, the World Bank’s branch for private sector financing said […]
The World Bank has approved a $350 million results-based financing program to support Morocco implement its National Program for Drinking Water Supply and Irrigation (PNAEPI 2020-2027) in the framework of the 30-year National Water Plan (PNE, 2020-2050). Launched in 2020, PNAEPI aims to improve water security by accelerating investments in the sector and strengthening the […]
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 […]
The World Bank Thursday approved a $268.4 million loan to Tunisia earmarked for financing electricity connection with Italy, State-run news agency TAP reports. The electrical interconnection project known as ELMED is set to provide a 230 km-long 600MW connection to Italy’s Sicily. ELMED will produce a quantum leap in the integration of the electricity markets […]
The Egyptian legislature green-lighted Wednesday a signed agreement between the Government and the Japan International Cooperation Agency (JICA) in which the Japanese agency will provide funds for the country’s Universal Health Insurance System (UHIS), Ahram Online reports. Egypt and JICA inked an agreement in March 2023 for the Japanese agency to provide a loan of […]
The Moroccan economy has made remarkable progress and impressive export growth, particularly in industrial sectors such as automotive and renewable energies, said Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva. “Morocco has exported 700,000 cars, which shows the country’s upward trend in this highly competitive sector. The North African Kingdom also manufactures aircraft […]