The value of the 6 Moroccan commercial banks listed on the Casablanca Stock Exchange is down, two days after the Central Bank (Bank Al-Maghrib) ordered the suspension of dividend distribution. “It is important for credit institutions to maintain sufficient capital to cope with the effects of the crisis and thus preserve their ability to provide funding in these exceptional circumstances,”...

The Nigerien army and the multinational joint task force have, on May 12, neutralized at least 75 Boko Haram terrorists in Diffa and the Lake Chad region. According to a statement by the Ministry of National Defense, 25 terrorists were killed in Diffa and 50 others in the Lake Chad zone on the Nigerian territory, making a total of 75. During the operation, the army seized weapons and ammunition,...

The government of Niger has cashed CFA110 billion (about $180 million) on the WAEMU securities market, in the first issue of covid-19 social bonds. The initial target was CFA100 billion in the form of treasury bills maturing in 91 days. The operation generated a total of CFA416.7 billion, but Niger’s Public Treasury will only retain CFA110 billion at a multiple interest rate lower or...

The African Development Bank Group, today, announced a decision by its Sanctions Appeals Board imposing a 13-month debarment on Entreprise de Travaux et d’Etudes de Projets (ETEP) SA, a civil engineering company registered in Tunisia, for engaging in sanctionable practices. An investigation conducted by the Bank’s Office of Integrity and Anti-Corruption established that ETEP engaged in a...

MTN Nigeria, which did not join the Nigerian Stock Exchange until 20 May 2019, has rapidly risen to become one of the most valued companies on African financial markets, with a market capitalization currently worth $5.83 billion. The company has seen its value rise above that of its parent company since August 9, 2019. MTN Nigeria is attracting many investors because of the revenue...

Export Trading Group (ETG), an integrated chain for the management and processing of agricultural products present in 26 African countries, is to receive $15 million in financial support from a Finnish investor.The resource will enable the agro-industrial group to strengthen its agricultural trading and processing operations mainly in Malawi, Mozambique, and Tanzania.Finnfund, ETG's new...

Over the first quarter this year, international tourist arrivals dropped by 22% due to the coronavirus pandemic, the World Tourism Organization (UNWTO) reported. This resulted in a decrease of 67 million in international arrivals and about $80 billion in revenue. The most impacted regions are Asia and the Pacific with a drop of 33 million arrivals, and Europe with a drop of 22 million...

Egypt's Qatar National Bank (QNB) Alahli will receive a senior loan of $100 million that will be used to provide short-term financing to companies that are experiencing a decline in business and profitability. Details regarding the maturity and interest rate associated with this credit line have not been disclosed. Moreover, the eligibility criteria for companies, to this financing, are...

The Egyptian Minister of Finance, Mohamed Ma'it, announced on Monday 11 May that the government is going to issue EGP3 billion (about $190 million) in guarantees to the Central Bank of Egypt (CBE), in favor of national banks. The aim is to facilitate loans to Egyptian tourist and hotel establishments to pay the salaries of tourism workers. According to the Minister, the loans will be repaid...

Ethiopian authorities admitted this week that they mistakenly shot down the Kenyan aid plane that crashed a few days ago in Berdale, in Somalia. According to information relayed by Kenyan media, the incident was allegedly due to a lack of communication. The aircraft transporting medical equipment reportedly showed “suspicious behavior” while flying over the Ethiopian troop base. “When an...