Opinion Economy Egypt must deal with its fundamental challenges Abu Dhabi's cash injection offers short-term relief but serious budgetary issues remain March 21, 2024
Economy Egypt to get $20bn loan from global funders says minister The expanded loan facility from the International Monetary Fund (IMF) will allow Egypt to receive more than $20 billion in additional funding from global financial institutions. The additional funding is expected from the World Bank, the European Union (EU), the African Development Bank, the Arab Monetary Fund and others, finance minister Mohamed Maait told a […] March 11, 2024
Economy GCC economic data The latest indicators for the six Gulf Co-operation Council countries February 28, 2024
Sustainability Turkey sets up green fund with $155m World Bank loan Turkey has set up its first green venture capital fund to support its target of net zero by 2053. The Industrial Development Bank of Turkey (TSKB) has secured a $155 million loan from the World Bank for the Turkey Green Fund (TGF). The financing was secured under the Turkish ministry of treasury and finance guarantee, TSKB said in […] December 15, 2023
Opinion Economy Sisi’s third term heralds a new economic blueprint Financial crisis looms but Egypt is 'too big to fail' December 14, 2023
Energy World Bank warns of record oil prices if war escalates Oil prices could hit record highs of $150 a barrel if the war between Israel and Hamas escalates into a wider conflict, according to an economic risk assessment from the World Bank. In its latest Commodity Markets Outlook, the World Bank cautioned that the cost of crude could enter “uncharted waters”. It outlined three risk […] October 31, 2023
Economy Tunisia yet to propose new terms for $1.9bn IMF loan Tunisia has not yet proposed new terms for a long-pending $1.9 billion International Monetary Fund (IMF) loan, according to the fund’s Middle East and Central Asia director Jihad Azour. Speaking at IMF-World Bank annual meetings in Morocco this week, Azour called for the elimination of “wasteful and socially unfair subsidies” before the fund’s board could […] October 13, 2023
Banking & Finance Lebanon to ditch Sayrafa currency exchange platform Lebanon’s cabinet has approved the replacement of the controversial Sayrafa currency exchange platform with a new one run through the Bloomberg trading system. Caretaker Information Minister Ziad Makari gave no indication of a time frame for the replacement when he spoke to reporters this week, saying only that the new platform would come into effect […] September 8, 2023
Opinion Economy With Saudi on side, the Brics can change the world The group gathering for its summit could be the architect and engineer of a different world order August 22, 2023
Banking & Finance Saudi deposits $5bn in Turkey’s central bank Saudi Arabia has made a $5 billion deposit into the central bank of Turkey to support its economy. The deposit, first pledged in November, comes after the devastating impact of last month’s earthquake. It was made on Monday through the Saudi Fund for Development (SFD) and will “contribute to bolstering the Turkish economy by addressing […] March 6, 2023
Development Abu Dhabi and World Bank unit to invest $1.5bn in emerging markets Abu Dhabi and a World Bank subsidiary have agreed to invest up to $1.5 billion in sustainable private sector-led projects in emerging markets. Under the memorandum of co-operation, which was signed at the World Government Summit in Dubai on Tuesday, the Abu Dhabi Fund for Development and the World Bank’s IFC (International Finance Corporation) will […] February 15, 2023
Opinion Banking & Finance Let’s make it faster and cheaper to send money home Millions of families depend on the funds sent by loved ones overseas. Policymakers and industry must simplify the process now August 2, 2022
Afghan economy ‘dire’ as household incomes shrink The outlook for Afghanistan’s economy is dire with per capita income having fallen by over a third in the last four months of 2021 after the Islamist Taliban seizedpower and foreign forces withdrew, the World Bank said. “One of the poorest countries in the world has become much poorer,” said Tobias Haque, World Bank senior […] May 3, 2022
$600m projects frozen as Taliban issues school ban for girls The World Bank has put four projects in Afghanistan worth $600 million on hold amid concerns over a decision by the country’s ruling Islamist leaders to ban girls from returning to public high schools, the bank said. The projects, to be funded under the revamped Afghanistan Reconstruction Trust Fund, were being readied for implementation by […] April 27, 2022