The Moroccan government unveiled a significant commitment on Monday, earmarking an extensive 1 million hectares for green hydrogen projects. This strategic move, commencing with an initial phase covering 300,000 hectares, is poised to attract investors seeking sustainable ventures. Green hydrogen, produced through electrolysis using renewable energy sources, stands as a pivotal solution in the global […]

The International Monetary Fund (IMF) has allocated $120 million to Uganda as part of the Extended Credit Facility (ECF) program, aimed at aiding the nation’s economic revival in the aftermath of the Covid-19 pandemic. This disbursement marks the fourth installment of support under the ECF arrangement, totaling $870 million since its commencement in 2021. Notably, […]

Zambia’s President Hakainde Hichilema delivered significant news on Saturday, confirming the successful negotiation of a crucial creditor agreement with China and India. This development comes after Zambia faced financial turmoil, defaulting on its foreign debts in November 2020. The agreement, a long-awaited breakthrough, marks a pivotal step in Zambia’s efforts to navigate its debt restructuring […]

The International Monetary Fund (IMF) has advised Morocco to establish a clear inflation target for its central bank, Bank Al Maghrib, amidst a backdrop of easing inflationary pressures. Morocco saw a reduction in annual inflation to 6.1% in 2023 from 6.6% in 2022, with further moderation expected to 2.4% in the current year. This decline […]

The Arab Organization for Industrialization (AOI) and a Saudi-Egyptian consortium, including Alupco “Olayan Group,” Okta International, and City Edge Developments, have signed a crucial Memorandum of Understanding (MoU) to support real estate projects in Saudi Arabia. Key figures attending the ceremony included Saudi Ambassador Osama bin Ahmed Nugali, AOI President Major General Eng. Abdel Rahman […]

Moody’s Investors Service has downgraded Niger’s long-term foreign and local currency issuer ratings from Caa2 to Caa3, with a stable outlook. This decision follows the continued accumulation of payment arrears on debt service due to sanctions from ECOWAS and WAEMU, stemming from a military coup in July 2023. The downgrade reflects concerns about Niger’s ability […]

Egypt and the International Monetary Fund (IMF) are on the brink of concluding evaluations for Egypt’s $3 billion loan program, with discussions signaling a significant boost in funding. At the World Governments Summit in Dubai, IMF Managing Director Kristalina Georgieva disclosed progress in formulating a policy package aimed at economic reforms and addressing financial gaps. […]

Nigeria’s currency, the naira, faced a sharp decline against the dollar, hitting a record low despite recent efforts to improve liquidity in the foreign exchange market. Central Bank Governor Olayemi Cardoso disclosed that despite over $1 billion flowing into the economy to purchase Nigerian Treasury bills, the naira struggled to maintain stability. The auction of […]

In response to a sharp depreciation of the Zimbabwean dollar, the country’s central bank and finance ministry have announced collaborative efforts to restore stability to the local currency. The Zimbabwean dollar has witnessed a significant 40% decline since the start of the year, driven by heightened demand for foreign currency due to civil servants receiving […]

Egyptian President Abdel Fattah al-Sisi has announced a significant increase in the minimum wage, raising it by 50% to 6,000 Egyptian pounds ($194) effective March. This move is part of a larger 180 billion pound “urgent social protection package” aimed at addressing economic challenges and enhancing social welfare. The decision comes amidst concerns over the […]