Revival of the Tunisian banking sector will depend on aggressive reform, says report

S&P Global Ratings regards Tunisia’s banking sector as a weakness for its economy, and a significant source of contingent liabilities for the government, according to a report entitled, Ambitious Reform Is Key To The Revival Of The Tunisian Banking Sector. The Tunisian banking system continues to suffer from long-standing structural and asset-quality issues,” said S&P Global Ratings credit analyst, Pierre Hollegien. Difficult operating conditions for banks, their past utilization by the Government in developing strategic economic sectors, such as tourism, and the country’s slow implementation of banking reforms have resulted in…

We Got Funded: Video Content Startup Buzzkito Raises US$1.7 Million From AfricInvest

Stirring up MENA’s video development scene, Morocco-born startup Buzzkito has raised US$1.7 million in a Series A round, from AfricInvest, a Tunisia-based private equity fund managing $1 billion assets and more than 140 portfolio investments. Founded in 2006, the startup was launched by founder and CEO Mehdi Benslim, who noticed the lack of entertainment and engaging content in Morocco. The video content and development startup uses tech, data and psychology, to produce short, engaging and viral videos. This is Buzzkito’s first investment round, and the startup aims to use the funds to expand its operations…

Libya to recruit 500 diplomatic security personnel

Libya’s Interior Ministry of the UN-backed government has approved to recruit 500 new members of the diplomatic security service responsible for protecting foreign embassies and missions in Libya, according to a security official on Monday. Col. Wissam Al-Jama, head of the diplomatic security service, told Xinhua that this batch will receive substantial training and intensive lectures related to international relations knowledge. He revealed last week that a number of EU embassies will reopen earlier this year. Most foreign embassies and missions to Libya, including the UN Support Mission in Libya,…