Serrari Group

African Development Bank President Proposes Utilizing $25 Billion SDRs for African Development

Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), recently addressed the 78th United Nations General Assembly with a compelling proposal. He called for the rechanneling of $25 billion in Special Drawing Rights (SDRs) from the International Monetary Fund (IMF) to support Africa’s development aspirations. This move, if realized, could potentially mobilize an additional […]

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South Africa Approves TotalEnergies Offshore Drilling Despite Opposition

South Africa’s Department of Forestry, Fisheries, and the Environment has given its nod to TotalEnergies for offshore drilling operations targeting natural gas and oil reserves. This decision comes following the dismissal of an appeal by various individuals and interest groups who had raised concerns about the project. The rejected appeal aimed to stop TotalEnergies from […]

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Egypt’s Credit Rating Downgraded by Morgan Stanley Amidst Growing Concerns

Egypt’s financial markets were sent into turmoil today as global financial giant Morgan Stanley downgraded the nation’s sovereign credit rating. This significant move stems from a combination of factors that have sparked concerns among international investors. One primary reason behind Morgan Stanley’s decision is the upcoming presidential election in Egypt, which has introduced a high […]

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UAE and Egypt Central Banks Forge $1 Billion Currency Swap Pact

In a significant move towards bolstering regional financial stability, the Central Bank of the United Arab Emirates (CBUAE) and the Central Bank of Egypt (CBE) have formally entered into a bilateral currency swap agreement worth more than $1 billion. This strategic collaboration announced on Thursday, stands as a testament to the strengthening economic ties between […]

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United Bank for Africa (UBA) Commits $6 Billion to Empower African SMEs

United Bank for Africa (UBA), a leading pan-African financial institution, has unveiled a substantial $6 billion initiative aimed at bolstering the growth of Small and Medium Enterprises (SMEs) across the continent. UBA, known for its global presence with offices in the UAE, New York, London, and Paris, issued a statement on Monday outlining its plan […]

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Economic Struggles Deepen in Post-Coup Niger Amid Sanctions

In the wake of a coup that ousted Niger’s democratically elected president, the country finds itself grappling with a severe economic crisis, further exacerbated by West African sanctions. These measures, intended to force a return to democracy, are taking a heavy toll on one of the world’s poorest nations. Food and medicine shortages have become […]

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Egypt Approves Oil Exploration Deal with LukOil Overseas in Eastern Desert

Egypt has taken a significant step in bolstering its energy sector, granting approval for a pivotal oil exploration agreement with LukOil Overseas Egypt Ltd, a subsidiary of Russia’s renowned oil and gas giant, LUKOIL. The Egyptian Cabinet’s green light for this landmark deal signifies the nation’s commitment to harnessing its abundant energy resources. In a […]

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Nigeria and Cuba Sign MoU to Strengthen Food Security and Agriculture

Nigeria and Cuba have formalized a strategic partnership aimed at enhancing food security and advancing agriculture. The Memorandum of Understanding (MoU) was signed during a significant ceremony at the Cuban Ministry of Agriculture, coinciding with the G77+ China Leaders’ Summit. Distinguished officials from both nations bore witness to this momentous occasion. Representing Nigeria, Senator Abubakar […]

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Moody’s Downgrades Ethiopia’s Foreign Currency Rating Amid Economic Struggles

Moody’s, the prominent credit rating agency, has made a significant adjustment to Ethiopia’s foreign currency rating, lowering it by one notch from ‘Caa2’ to ‘Caa3.’ This decision reflects growing concerns about the country’s ability to meet its foreign currency-denominated private sector debt obligations, brought about by a combination of persistent challenges. Foremost among these challenges […]

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