Latest news with #FrenchTreasury
Business Insider
18-05-2025
- Business
- Business Insider
France injects €100 million support into Nigeria's creative economy
The Government of Nigeria has announced the strengthening of its bilateral relations with France, a move that bolsters support for its creative infrastructure, securing concessionary funding that could rise from an initial €35 million to €100 million. The Nigerian government has announced a bilateral partnership with France to strengthen creative infrastructure. The Creative and Tourism Infrastructure Corporation aims to invest up to $100 billion by 2027. The deal includes an audiovisual co-production agreement and targets job creation and economic growth. At the eighth edition of the Ministerial Press Briefing Session held at the National Press Centre in Abuja, Nigeria's Minister of Arts, Culture, and the Creative Economy, Hannatu Musawa, revealed the new bilateral venture with France Speaking passionately about Nigeria's creative economy, Musawa stated ' The funding is not just about infrastructure; it's about empowering talent, creating jobs, and positioning Nigeria as the creative capital of Africa. ' She noted that the collaboration with the French Treasury on funding for creative infrastructure projects in Nigeria was one of the key drivers, highlighting the importance of public-private partnerships. Musawa also highlighted the signed agreement between Nigeria and France for audiovisual co-production, which showcases interest in Nigerian content and aims to drive economic growth, create jobs, and reposition Nigeria as a major player in the global creative economy. ' With our partnership with the French Treasury, and the establishment of the Creative and Tourism Infrastructure Corporation (CTICo), we are on track to invest up to $100 billion and create over two million jobs by 2027.' She added. Creative economy boosts employment With evident confidence, the minister announced that the ministry had created over 577,754 jobs, noting significant growth across the creative, cultural, and tourism sectors, including the music industry which encompasses numerous sub-sectors. She cited a recent report by the National Bureau of Statistics (NBS) which showed that 257,745 jobs were created in the entertainment industry, with an additional 23,221 jobs generated in 2024 through over 20,000 new startups. The total number of jobs created rose from 300,000 to 577,754 in 2024, reflecting substantial growth across the creative, cultural, and tourism sectors. 'Now, you must understand that when we talk about job creation, it is really across the full planning chain' she added.
Morocco World
28-03-2025
- Business
- Morocco World
Alstom Confirms €781 Million Morocco High-Speed Train Order Backed by French Loan
Doha – Morocco is set to supercharge its high-speed rail ambitions. Alstom, a global giant in mobility solutions, has inked a deal to supply 18 next-generation Avelia Horizon trains to the country's national rail operator, ONCF. Confirmed in an official press release today, the €781 million contract is financed entirely through a French Treasury loan to the Moroccan government and was recorded in Alstom's Q4 2024/2025 fiscal year. The deal follows a financial cooperation agreement in the railway sector, which France and Morocco signed during President Emmanuel Macron's visit to the country in October 2024. The new double-decker trains, capable of speeds exceeding 300 km/h, will operate on the extended high-speed line connecting Tangier to Marrakech, building upon the existing Tangier-Casablanca route. Read also: Spain Seeks Moroccan Train Contract with €750 Million Loan Each train will accommodate 640 passengers and is scheduled for delivery by 2030, coinciding with Morocco's co-hosting of the FIFA World Cup. 'The extension of the high-speed line to Marrakech will enhance connectivity for travelers. Alstom's new double-decker Avelia Horizon trains will significantly reduce travel time between Tangier and Marrakech while minimizing the carbon footprint,' Alstom stated in the announcement. 'This financing of an exceptional amount consecrates the remarkable Franco-Moroccan partnership in railways, which has already led to the immense success of the high-speed line between Tangier and Kenitra that transported nearly 5 million passengers in 2024,' French Ambassador to Morocco, Christophe Lecourtier, previously said in a statement. The selection of Alstom's bid was influenced by the double-deck design of the Avelia Horizon, giving it an advantage over single-level models proposed by competitors CAF, Talgo, and Hyundai Rotem. Alstom's century-long presence in Morocco, including two manufacturing facilities employing 1,200 people, played a crucial role in securing the contract. The company has previously supplied the country with trains, locomotives, signaling systems, and 240 tramways for Rabat and Casablanca. The latest order builds upon France's previous investment in Morocco's rail infrastructure, which included 51% financing for the country's first high-speed line inaugurated in 2018, a project valued at €2 billion. The Avelia Horizon trains feature innovative shorter power cars combining high performance and compactness, along with articulated two-level passenger cars. The design includes fewer bogies, which typically account for 30% of maintenance costs, contributing to reduced operating expenses while maintaining exceptional service levels. Tags: AlstomMoroccan railwaysMorocco's National Railway Office (ONCF)
El Chorouk
24-03-2025
- Business
- El Chorouk
Crisis With Paris Hits French Wheat Exports To Algeria
The political and diplomatic crisis between Algeria and Paris, fueled by the French far right, coincided with a sharp slump in French wheat exports to Algeria, after the European country was for many years the leading supplier of cereals to the country, according to an article in 'Le Progrès' on Sunday. According to an article published by 'Le Progrès' on Sunday, Algeria, which imports a large part of its wheat needs, has stopped buying soft wheat from France completely, turning to other sources such as Russia, Ukraine, Romania, Bulgaria, after previously covering about 80 percent of Algeria's purchases of this vital foodstuff. The same source pointed out that the exported quantities have declined dramatically, down from 5 million tons in 2019 to only 1.5 million tons in 2024, with expectations that they will decline to zero this year, representing a huge loss for the French agricultural sector, which was heavily dependent on the Algerian market, according to it. According to the same source, this shift was not by chance, but came as a direct result of the deterioration of political relations between the two countries, which reached its peak after French President Emmanuel Macron recognized Morocco's alleged sovereignty over Western Sahara, noting that although Algeria had started since 2020 to diversify its import sources to ensure its food security, the decline in Paris' exports towards this country was notable, especially in 2024. The same website claimed that the Algerian government had imposed strict technical conditions on wheat imports, which made it difficult for France to comply with them, which practically led to its exit from the Algerian market. The news media outlet tried to promote an alleged idea that French wheat is favored by Algerian consumers due to its quality and suitability for making bread, which is widely consumed in Algeria. Following the sharp decline in sales of French soft wheat to Algeria, Paris tried, according to the same newspaper, to seek a relative outlet in Morocco, but this did not compensate for the loss of the Algerian market, which for years was the first customer for French cereals. As a result of this decline, the agricultural sector lost its position as one of the most prominent economic sectors that export its products to Algeria, and became a real crisis and fell to fourth place in the list of exporters to Algeria, according to the Directorate General of the French Treasury.
