Africa > North Africa > Banking / Investment

Banking / Investment in North Africa

  • Why governments need to support the financial sector to meet the unserved needs of smallholder farmers

    BOTSWANA, 2017/09/09 This year, under the leadership of H.E. President Alassane Ouattara and the theme of “Accelerating Africa’s Path to Prosperity: Growing Inclusive Economies and Jobs through Agriculture”, the African Green Revolution Forum (AGRF) 2017 is shaping up as a premier platform to showcase ongoing evolution in Africa’s agricultural transformation schedule and to scale up the political, policy, and financial commitments needed to achieve the Malabo Declaration and the world development schedule around the Sustainable Development Goals (SDGs). Following the launch of the landmark annual Africa Agriculture Status Statement (ASSR) at the AGRF taking place in Cote d’Ivoire from 4-8 September 2017, the major conclusion centres around the power of entrepreneurs and the free market in driving Africa’s economic increase from food production. This is owing to the fact that a lot of businesses are waking up to opportunities of a rapidly growing food market in Africa that may be worth additional than $1 trillion each year by 2030 to substitute imports with high price food made in Africa.
  • Saudi billionaire to invest $800 million in Egypt tourism

    EGYPT, 2017/09/02 Saudi Arabian billionaire Prince Alwaleed bin Talal is to invest additional than $800 million in hotels in Egypt, the investment ministry in Cairo said on Monday. The announcement came next parliament in May adopted a new law aimed at attracting foreign investment as the authorities seek to reinvigorate the North African country's struggling economy.
  • Letshego chief aims to lead race for African financial inclusion

    BOTSWANA, 2017/08/23 In sub-Saharan Africa about 326 million adults do not use formal or semi-formal financial services. This unbanked group, according to consultancy McKinsey, offers innovative finance providers with a peerless increase opportunity. Indeed, momentum is building behind Africa’s financial inclusion schedule; mobile money operators are on the rise, commercial banks are launching microfinance units, and governments are pushing to formalise economic activity in their respective markets.
  • Egypt's EFG HERMES to invest $21.5 mln in asset manager FIM

    EGYPT, 2017/07/18 EFG Hermes UAE Limited, owned by Egyptian investment bank EFG Hermes, is to invest $21.5 million in Frontier Investment Management Partners LTD (FIM) as part of plans to expand its investment management business, the bank said on Tuesday. FIM is one of the region's leading investment managers with $1.6 billion of assets under management. Once the transaction is completed EFG Hermes will have $4.5 billion of assets under management, the bank said.
  • Citi shows appetite for Egypt remains healthy

    EGYPT, 2017/05/07 Political unrest, high public deficit and a drop in tourism have hit Egypt’s fortunes in recent years. But as a successful $4bn deficit-raising transaction has shown, investor appetite is recovering. Edward Russell-Walling spoke to the team from joint lead manager Citi. Emerging market exposure may have been sold off next last year’s US presidential election, but it was not long before those markets were back in favour. That was vividly illustrated by the success this year of a $4bn triple-tranche international bond offering from the Arab Republic of Egypt. Citi was a joint lead manager on the transaction.
  • Heirs Holdings and Banque Centrale Populaire of Morocco Sign Investment MOU

    MOROCCO, 2016/12/08 Yesterday, King Mohammed VI of Morocco and President Muhammadu Buhari met at the Presidential Villa to sign bilateral agreements, aimed at strengthening economic ties between Morocco and Nigeria The agreements cover the areas of investment, training, youth skills-building, oil and mining, tourism, infrastructure, banking, finance, insurance and logistics and represent the desire on the part of both countries to deepen political and economic ties.
  • CBE provides 10-year interest-free loan worth EGP 31bn to 3 major banks

    EGYPT, 2016/08/25 The Central Bank of Egypt (CBE) on Wednesday provided an interest-free loan to three major banks, inclunding the National Bank of Egypt (NBE), Banque Misr, and Banque du Caire. The loan is worth EGP 31bn and will last for a 10-year period, according to a source that preferred to remain anonymous. The source said that the loan aims to support the capital base of the banks, and to adjust their capital adequacy rates in accordance with international rates, led by the Basel II Framework.
  • SME financing ramps up in Egypt

    EGYPT, 2016/07/08 In a bid to help improve inclusive growth and employment, Egypt’s central bank has taken aggressive steps to help expand commercial lending to the country’s SMEs. Small and medium-sized enterprises (SMEs) are already a mainstay of the Egyptian economy, accounting for 80% of GDP and employing a majority of the country’s workforce. New targets In January the Central Bank of Egypt (CBE) announced that credit to SMEs must account for at least 20% of any commercial bank’s loan book by 2020. This stimulus package could amount to an injection of $25bn, according to figures from Wamda Research Lab (WRL), an organisation focusing on entrepreneurship in MENA.
  • Egypt's micro-credit NGO lifting women out of poverty

    EGYPT, 2016/07/04 Low gain earning women are generally considered risky in the banking industry. That means they cannot borrow and as a result have no credit history. That’s as well the story of Egyptian women who though have small businesses supporting their families, cannot raise credit to expand. Sabah, owns a small business and has experienced the difficulty in doing business with traditional banks.
  • Morocco set to approve 10 Islamic banks before the end of 2016

    CASABLANCA, 2016/07/04 Morocco’s Central Bank has said it would start approving Islamic banks this year with the aim of allowing business to begin in early 2017. The central bank said it had received seven requests to open Islamic banks and three to open windows selling Islamic products. Two Gulf banks want to establish fully owned subsidiaries while four others are partnering with local banks, an official said.