First Independent Mena Newspaper
Investing in climate action now will reap important benefits for Morocco, creating new jobs, revitalizing rural areas and positioning the kingdom as a green industrial hub while helping to reach its broader development goals, according to a new World Bank report released Thursday. The Morocco Country Climate and Development Report (CCDR), the first in a […]
The International Monetary Fund, IMF, announced November 1 the re-election of Egypt’s ex-Minister of Investment, Mahmoud Mohieldine, as executive director and member of the board. Mohieldin represents a group of Arab states, namely Egypt, the UAE, Bahrain, Kuwait, Oman, Qatar, Jordan, Iraq, Lebanon, and Yemen, along with the Maldives. Following his re-election Mohieldin stressed that […]
Axel Van Trotsenburg, World Bank Managing Director of Operations Wednesday called on Tunisia to carry out crucial fiscal reforms which he claimed will put the North African country on development trajectory. “These reforms are equally important for the population,” Trotsenburg said in a tweet following a meeting with Tunisia’s Ministers of Planning and Finance. The […]
The economies of the Middle East and North Africa (MENA) region are expected to grow by 5.5% this year —the fastest rate since 2016—followed by a slowing of growth to 3.5% in 2023, the World Bank says. Yet this growth is uneven across the region, as countries, still struggling to overcome the lasting effects of […]
Ghana is a classic case of emerging economies in Africa and other parts of the world who have been caught in a perfect storm and are struggling to service their foreign currency denominated loans owing to a strengthening US dollar, rising global interest rates and that is made worse by their excessive borrowing. Ghana is […]
The African Union (AU) reiterated its push for the United States, European Union, and United Kingdom to lift all sanctions against Zimbabwe at the United Nations General Assembly in New York. AU chairman — Senegal’s president Macky Sall — said the “harsh measures continue to fuel a sense of injustice against an entire people, and […]
The trade deficit in Tunisia widened by record 56% in the first semester of 2022, reaching 8.1% of GDP, while the budget deficit, exacerbated by mounting energy and food subsidies, is expected to reach 9.1% in 2022, compared to 7.4% in 2021, according to the World Bank’s latest report. Inflation in this country rose from […]
Hundreds of truckers have stopped working on Cameroon’s border with Chad to protest a ban on heavy trucking into Chad, which depends on Cameroon for 80% of its imported goods. Drivers transporting food and humanitarian assistance slammed what they call Cameroon’s refusal to repair the highly dilapidated road linking northern Cameroon and Chad. The strategically […]
The COVID-19 pandemic and the ongoing war in Ukraine have been pushing many electric grid utilities in Africa — which have long been strapped for cash — close to financial collapse, whereby this situation is in turn also slowing down the continent’s clean energy transition. Ghana’s electric grid is in dire straits. In the mid-2010s, […]
Morocco and the World Bank have signed a $500 million financing agreement, representing the first tranche of a loan destined to strengthen human capital for a resilient Morocco. The financing aims to improve protection against health risks, loss of human capital as well as to improve climate risk management and resilience to catastrophic events. The […]