Connect with us

VenturesNow

Tunisia secures €300m EU funding to cushion impact of COVID-19 pandemic

Published

on

Tunisia has reached an agreement with the European Union to secure a €300 million loan facility to cushion the impacts of the COVID-19 pandemic in the country.

The European Union announced on Thursday that it had released to the North African country the €300 million accounting for the second tranche of the bloc’s support for the country in surfing the impacts of the pandemic.

Tunisia had earlier received the first tranche of the same amount in June last year after it sealed a Macro-financial Assistance (MFA) program worth €600 million with the EU.

While signing the agreement, Marcus Cornaro, the Head of EU mission in Tunisia said the “assistance in the form of loan is without interest and will last for 20 years” aimed at supporting Tunisia’s economic reforms amid the pandemic.

“The European Commission has agreed to provide Tunisia with an interest-free loan, with a 20-year repayment period, to support efforts to mitigate the economic impact of the coronavirus pandemic,” said Cornaro.

“The remaining funds will be disbursed based on Tunisia’s commitment to the reform process,” he added.

VenturesNow

Ghana’s economic recovery threatened as IMF team’s staff-level agreement delays

Published

on

Ghana’s Finance ministry has revealed that the country’s economic recovery efforts could set for delay and complications.

An official the position known on Wednesday, adding that if a visiting team from the International Monetary Fund (IMF) leaves without a staff-level agreement next week.

The country’s director of Treasury and debt management, Samuel Arkhurst told journalists that the IMF had “nothing to do” with Ghana’s decision to undergo a domestic debt restructuring.

Arkhurst revealed that the consequences for those who do not voluntarily participate in the domestic bond exchange were still being negotiated, but there were no plans to go to parliament to force domestic bondholders to participate.

“If the holdouts are large, we will be in trouble,” Arkhurst told reporters.

“The government reserves the right to ensure that non-tendered eligible bonds do not benefit from their non-participation to the Domestic Debt Exchange, including through additional regulatory measures or a more coercive approach,” said a slide presented at the briefing.

The country is currently battling debt, 20-year-high inflation, a weak currency, and rising inequality.

The country’s currency, Cedi was the world’s worst-performing in 2022 as investors continued to squeeze foreign capital into the West African country.

As part of its many initiatives to out of its current economic challenge, Ghana recently ordered all large-scale mining companies to sell 20% of their entire stock and asked the companies to pay the Bank of Ghana with refined gold at their refineries from Jan. 1, 2023.

Continue Reading

VenturesNow

Israel-based oil and gas firm, NewMed, signs exploration deal with Morocco’s energy ministry

Published

on

Israel-based oil and gas firm, NewMed has signed a deal with Morocco’s energy and mining ministry and Adarco Energy for offshore natural gas exploration and production in Morocco.

NewMed made the announcement on Tuesday adding that it will collaborate with Adarco, and each will have a 37.5% stake in the Boujdour Atlantique licence.

NewMed CEO Yossi Abu said, “for a long time now we have recognised a huge potential in Morocco for collaborations in both the natural gas and renewable energy sectors.”

According to the deal, the remainder of 25% is granted to Morocco’s National Office of Hydrocarbons and Mines, in accordance with the Hydrocarbon Law of Morocco.

NewMed is the main stakeholder in Israel’s huge Leviathan offshore gas field and is looking to merge with Capricorn Energy to create a gas producer focused on Israel and Egypt.

Statista reports that in 2020, approximately 23.3 billion Moroccan dirhams (MAD) of gas and fuel oils were imported into Morocco. This was equivalent to 2.6 billion U.S. dollars and represented a decrease from the previous year when roughly 38.8 billion MAD (4.3 billion U.S. dollars) of oils were imported into the country.

Overall, Spain was the main trade partner in Morocco in terms of gas and fuel oil imports.

Continue Reading

EDITOR’S PICK

Musings From Abroad22 hours ago

25 far-right group supporters arrested as Germany foils coup attempt

Germany on Wednesday foiled a violent overthrow of the state to install as national leader a prince who had sought backing from...

Politics1 day ago

South Sudan’s ruling party endorses President Salva Kiir for next election

The ruling party in South Sudan has endorsed President Salva Kiir as its candidate in the country’s delayed election scheduled...

Metro1 day ago

Ex-Mozambique President’s son bags 12 years imprisonment for $2 billion fraud

The son of former Mozambican President Armando Guebuza, Armando Ndambi Guebuza, has been sentenced to 12 years imprisonment on Wednesday...

Strictly Personal1 day ago

We are in a leadership crisis by Abraham Simpamba

Zambia is not personal to the holder, it is a sovereign state hence there is no monopoly of wisdom and...

VenturesNow1 day ago

Ghana’s economic recovery threatened as IMF team’s staff-level agreement delays

Ghana’s Finance ministry has revealed that the country’s economic recovery efforts could set for delay and complications. An official the...

Metro1 day ago

Rwanda accuses US of inflaming crisis in eastern DRC

The government of Rwanda on Tuesday, accused the United States as well as the international community of ‘exacerbating and inflaming’...

Musings From Abroad1 day ago

Russia/Ukraine war not ending soon – Russian President, Vladimir Putin

The Russia/Ukraine war might not be ending soon as Russian President Vladimir Putin said on Wednesday that his army could...

Tech1 day ago

South African venture capital firm, 4Di Capital, announces new $25 million seed funding

South African early-stage venture capital fund firm, 4Di Capital, has announced a new $25 million seed funding few months after...

Sports1 day ago

Cameroonian FA boss, Samuel Eto’o apologises for attacking Algerian cameraman during World Cup

Football legend and current President of the Cameroonian Football Federation (FECAFOOT), Samuel Eto’o, has apologised for violently attacking an Algerian...

Culture1 day ago

Nigerian music star, D’Banj, arrested, detained by anti-corruption agency

Top Nigerian music star, songwriter and singer, Oladapo Oyebanji, popularly known worldwide as D’banj, has been arrested by an anti-corruption...

Trending