The Institute of International Finance (IIF) forecasts that capital flows to emerging markets will increase to $903 billion in 2024, a 32% rise from the previous year. This growth is expected to be driven primarily by a recovery in foreign direct investment (FDI) and increased equity portfolio inflows. Strong Recovery in Investment The IIF’s report […]
Egypt has announced a temporary suspension of its land allocation system, which prioritized applicants paying in dollars from abroad. Minister of Housing, Utilities, and Urban Communities, Assem El Gazzar, stated that the New Urban Communities Authority (NUCA) will review all allocations under this system to ensure they align with the Central Bank of Egypt’s foreign […]
The Council of the European Union has officially approved the EU-Kenya Economic Partnership Agreement (EPA), marking a significant milestone in the economic relationship between Europe and Kenya. This agreement ensures Kenya’s continued tax-free access to the 27-member EU market while progressively opening Kenya to duty-free imports and European investments. Enhancing Trade and Economic Opportunities The […]
The latest data from the US Commerce Department reveals a slower-than-expected economic growth rate of 1.3% for the first quarter of the year, marking the weakest quarterly expansion since spring 2022. This downward revision from the initial 1.6% projection is primarily attributed to a surge in imports and a reduction in business inventories, both factors […]
In a pivotal step to reform Nigeria’s tax system, the Presidential Fiscal Policy and Tax Reforms Committee has recommended establishing the Nigerian Revenue Service (NRS). This centralized agency aims to replace over 100 federal, state, and municipal collection bodies, streamlining tax administration. President Bola Tinubu appointed Taiwo Oyedele, a partner at PwC Nigeria, to lead […]
Kamau Thugge, the Governor of the Central Bank of Kenya (CBK), has been named Central Bank Governor of the Year by the African Banker Magazine. This recognition, announced during the African Bankers Awards event in Nairobi, celebrates Thugge’s pivotal role in implementing economic reforms and stabilizing the market. Under Thugge’s leadership, the CBK has achieved […]
The International Labour Organization (ILO) has updated its forecast for global unemployment, predicting a slight decrease from 5.0% in 2023 to 4.9% in 2024. This revision contrasts with the organization’s earlier January estimate, which anticipated an increase to 5.2%, driven by expected economic slowdowns in advanced economies. Economic Resilience in Key Markets The adjusted forecast […]
In a significant policy shift, Egypt’s Prime Minister Mostafa Madbouly has announced a 300% increase in the price of subsidized bread, effective in June. This will be the first increase in decades for a staple that two-thirds of the Egyptian population depends on daily. Adjusting to Economic Realities The price hike will see the cost […]
Canal Shipping Agencies (CSAG) has reported an impressive 163.2% increase in net profits for the first nine months of the fiscal year 2023/2024. The company’s profits reached EGP 570.868 million, compared to EGP 216.857 million during the same period last year, according to their latest audited financial statement. Revenues also saw a notable rise, increasing […]
In a significant development for bilateral relations, South Korea and the United Arab Emirates (UAE) signed a comprehensive trade agreement on May 29, 2024, aimed at substantially reducing import duties. The agreement was finalized during a summit held in Seoul, attended by UAE President Sheikh Mohamed bin Zayed Al Nahyan and South Korean President Yoon […]
In a significant milestone for water security and community development in Kitui County, more than 2,500 residents have gained access...
Indian exports to the United States have experienced a dramatic downturn, plummeting by 37.5 percent over a four-month period following...
In a significant move to strengthen bilateral development cooperation, the Abu Dhabi Fund for Development (ADFD) has formalized a landmark...
The International Finance Corporation (IFC), the private sector investment arm of the World Bank Group, has committed a comprehensive $62.5...
