North Africa

Overview of North Africa

North African countries hold an important place in the Bank Group's history: all were present in Khartoum (Sudan), when newly independent African countries gathered to discuss the creation of a premier financial institution for Africans, by Africans. All signed the Agreement establishing the Bank in 1964, and all, with the exception of Libya, subscribed to the Bank's capital stock, contributing upwards of USD80 million (or about 40%) in funds so that operations could begin in 1967.

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In 2013, North Africa posted a growth rate of 1.9%, or a drop of approximately eight percentage points when compared to 2012. It is expected to see growth of 3.1% in 2014 and 5.5% in 2015.

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