North Africa |

Egypt’s Quarterly Tourism Revenue Triples as FX Crisis Eases

CAIRO (Capital Markets in Africa) – Egypt’s tourism receipts almost tripled and worker remittances rose in the last three months of its fiscal year, marking another step in the country’s economic recovery from a crippling dollar shortage. Tourism revenue rose to $1.5 billion in the fourth quarter that ended June 30, from $510 million in the same period a year ago, according to initial central bank data that it shared with Bloomberg. Full-year receipts rose 16…

Global Food Markets Face Supply-Shock Risk on Imbalances

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Most food commodities are dominated by a handful of exporting countries, exposing global markets to significant supply shocks when crops disappoint or policies change, according to the Organization for Economic Cooperation and Development and the United Nations. For products ranging from wheat to cheese and pork to poultry, the top five supplying countries will account for more than 70 percent of global exports in 2026, the OECD and the…

Egypt Annual Inflation Eases for First Time Since Pound Float

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CAIRO (Capital Markets in Africa) – Egypt’s monthly inflation rate held steady in May, offering new indications that the price surges triggered by last year’s decision to lift foreign exchange restrictions were plateauing as the government pushes ahead with economic reform efforts. The month-on-month urban inflation rate rose 1.7 percent , unchanged from April. The annual rate eased to 29.7 percent from 31.5 percent in April, its first reversal since October, the month before the…

Complexities in Financing Energy Projects in Africa

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LAGOS (Capital Markets in Africa) – Understanding the need for financing of projects in the African Energy Sector: The power sector is a fundamental building block for economic advancement in any country. Abundant, affordable and reliable energy is the cornerstone of growth in today’s world. The great efforts undertaken by the African States to supply sustainable energy to its people have been well documented in the last number of years, along with a shift from conventional fuels…

Sonatrach, ENI get 34 bids for Algerian solar power plant

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ALGIERS (Capital Markets in Africa) – Algerian state energy firm Sonatrach and Italy’s ENI have bids from 34 international firms to build a 10 megawatt solar power plant at Bir Rebaa North (BRN) in eastern Algeria, a Sonatrach source said. Major oil and gas producer Algeria is looking to expand into solar energy as it tries to meet growing domestic energy demand and officials say the North African country will soon launch a major project…

Egypt’s pound shows Nigeria must overcome its fear of floating free

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CAIRO (Capital Markets in Africa) – A currency devaluation may do little to fix Nigeria’s problems unless it follows the examples of emerging market peers Egypt, Argentina and Russia and embraces floating exchange rates. Grappling with the recession, widespread dollar shortages, a budget funding gap and international lenders’ reluctance to provide loans, Nigeria has moved tentatively to devalue its currency. The naira traded as low as 375 per dollar on Monday versus the official rate of…

Moody’s changes outlook on Morocco’s Ba1 rating to positive from stable

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RABAT (Capital Markets in Africa) – Moody’s Investors Service has today changed the outlook on the Government of Morocco’s rating to positive from stable and affirmed the issuer and senior unsecured ratings at Ba1. The key drivers of today’s rating action are: (1) Improving external position reflected in the build-up of foreign exchange reserves in the wake of dynamic new export industries and lower nominal oil imports; (2) Declining fiscal imbalances, reflecting gradual but steady…

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