$114 billion in debts in North Africa's countries drains economic development energy

The debts of the North Africa region for the last year reached nearly $114 billion --37% of the African continent's total debts-- which makes it among the more indebted areas in the world.

A study issued by the African Development Bank, located in Cairo, said servicing of the external debts of the area is annually estimated at $12 billion, as these countries need new financing to spend on investment projects to reform their economics for international competition and entering into the partnership with the European Union.

The study added that Algeria occupies the first position with $31 billion in debts, while, Egypt has $29.8 billion, Morocco $19.3 billion, Tunis $11.3 billion, Sudan $16.3 billion, Libya $3.8 billion, and Mauritania $2.4 billion.