The Tunisian government’s published a letter sent to the IMF, describing the government’s intention to recapitalize its banks through a rescue operation. The amount needed by the government is around $1,1billion, an equivalent of 2,6% of their economic output, in the next two years. The IMF and Tunisia finally agreed on a $1,74 billion loan [...]
The European Bank for Reconstruction and Development (EBRD) should be deciding on Wednesday whether they will fund oil drilling projects in Egypt with a $40m loan to Kuwait Energy. The latter is expected to drill in five different areas within the country but a group of NGOs have voiced their will against the loan. The [...]
The World Bank’s Vice President for the Middle East and North Africa Region, Inger Andersen, has assured Algeria of their continuous support in the expansion of their private sector, improving good governance and the promotion of the youth at the end of her three-day visit to the country. The bank is also willing to help [...]
The stand-by loan agreed upon and expected to be signed this month by the Tunisian government and the International Monetary Fund (IMF) is again being criticized by members of the National Constituent Assembly (NCA) after finalizing the deal in the past. They contest that the recommendations are not compulsory despite the Finance Minister and the [...]
The Egyptian pound has strike a new low against the US dollar, after official exchange rates reached LE7, a rate unseen since 2003, in commercial banks in the country. It marks another turning point in the country’s crisis, despite financial assistance from Qatar and Libya. Egypt was able to register an increase in its foreign [...]
Prime Minister Hesham Qandil has pointed out that the government is willing to offer some areas around the Suez Canal for investment projects, but it will be under the terms of usufruct. He made these remarks at the first conference on the Suez Canal Corridor Development Project. A law has been designed to regulate the [...]
The National Bank of Egypt (NBE) and Banque Misr have made clear their desire to sell their foreign assets, prompting investors to term the Egyptian market which is undergoing crisis as attractive and promising. The most prominent of these banks includes Banque Misr, which through its investment wing, Misr Capital Investments, seeks to sell 3million [...]
The Egyptian pound is still going through its worst period after reaching a new all-time low against the United States dollar at an average of LE6.92. According to the Central Bank, the devaluation of the local currency will only worsen the country’s situation. On the black market, it’s even more expensive, and a dollar is [...]
The economy minister has forecasted a growth of 3% in 2013 after the country reached the post uprising era level of production. His prospect is considered to be conservative. The country was able to register an economic growth of 100% in 2012 when it started re-pumping oil. Minister Mustafa Abo Fonas said the expectations are [...]
Tunisia has finally reached an agreement with the International Monetary Fund for the $1,78 billion precautionary loan. Negotiations between the two parties have been tedious for two years. A government official familiar with the case said that “the agreement is already won and it will be announced tomorrow (Tuesday), but the official signing will be [...]
Latest African news
Recent Comments