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The 2023 earthquakes are estimated to have inflicted a $103.6 billion hit on the Turkish economy

Turkey to get $1bn from World Bank for quake recovery

Turkey will receive $1 billion (TL35.43 billion) from the World Bank this year to support the recovery of its earthquake-hit regions, a news report said. The total assistance from the World Bank to Ankara will reach $4 billion since the 2023 earthquakes. The World Bank and the International Finance Corporation work jointly on projects involving […]

People celebrate after Lebanon's army chief Joseph Aoun was elected president, in the town of Klayaa, southern Lebanon

New Lebanese president faces uphill task on economy

Joseph Aoun, the new Lebanese president who was elected on Thursday, faces an uphill task of pulling his country out of the worst financial crisis since independence, according to analysts. After a presidential vacuum of more than two years, the 60-year-old Maronite Christian and former army commander takes over the Baabda presidential palace against the […]

A view of the Dubai Mall. GDP growth of the UAE is projected to accelerate to 4.1% in 2025 and 2026, supported by the recovery in oil production

GCC growth to surge to 4.2% in 2025-26 says World Bank

Economic growth in the GCC region is forecast to accelerate to 4.2 percent in 2025-26, but will remain subdued at 1.6 percent in 2024, as the Omani and Kuwaiti economies contract, the World Bank has said. Growth is being driven by the non-oil sector, which has shown robust growth of 3.7 percent thanks to the […]

GCC economic data

GCC economic data

The latest economic indicators for the Gulf Co-operation Council countries: the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain – plus links to in-depth pages on each country

Power distribution in Bodrum. Turkey is working with the World Bank to upgrade its power transmission system

Turkey seeks World Bank funds to upgrade power grid

Turkey is in talks with the World Bank to access funding to strengthen and extend the country’s energy transmission grid, part of broader plans to quadruple renewable energy generation capacity and transition away from fossil fuel dependency.  World Bank country director for Turkey Humberto Lopez said the international lender will work with Ankara to unlock […]

Saudi Crown Prince Mohammed bin Salman receives Egyptian President Abdel Fattah al-Sisi, in Jeddah, Saudi Arabia, July 16, 2022. Saudi Press Agency/Handout via REUTERS ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY

Saudi Arabia signs deals worth $15bn with Egypt

Egypt and Saudi Arabia provisionally agreed investment deals worth a combined $15 billion following the meeting of President Abdel Fattah El Sisi and Crown Prince Mohammed bin Salman in Cairo on Tuesday. Speaking to Al Arabiya TV on Wednesday, the head of the Saudi-Egyptian Business Council, Bandar Al-Ameri, said that the deals include projects in […]

Jordan's $400m Masar programme aims to equip Jordanian children and youth with the relevant skills for the labour market

World Bank to support Jordan’s social sectors

The World Bank has approved $700 million programmes to support Jordan’s health, education and social assistance sectors. The $300 million Jordan human capital programme aims to improve the governance and effectiveness of social sectors, as well as safeguard households from the adverse effects of climate change. In addition, the $400 million Masar programme will equip […]

Gas flaring at a plant in Veracruz state, Mexico. The country is one of the biggest contributors to global flaring, along with Iran, Iraq and Libya

Iran, Iraq and Libya among worst offenders on gas flaring

Environmentally ruinous flaring of gas at upstream oil and gas facilities has risen to its highest level for five years, despite pledges to end the practice, the World Bank has said. Iran, Iraq and Libya were among the biggest contributors in 2023, according to a World Bank report published on June 20. Along with six […]

A money exchange centre in Cairo. The World Bank funding is intended to support private sector growth in Egypt

World Bank’s $700m push for Egypt’s private sector

The World Bank will provide $700 million in funding to Egypt to address short-term economic challenges. The development policy financing (DPF) will aid in supporting the Egyptian government’s focus towards more private sector participation. The financing will further advance structural reforms to level the playing field to support private sector growth, build macroeconomic and fiscal […]

Firefighters from Istanbul municipality and volunteers plan how to extinguish a wildfire near Ikizce, a village in Turkey

Turkey and World Bank unite to combat wildfires

Turkey has launched a $400 million project with the World Bank to protect the country from wildfires. The Turkey Climate Resilient Forests Project will strengthen the country’s ability to protect people and property from the fires.  Almost 230,000 hectares of Turkey’s forests were damaged or destroyed completely between 2012 and 2021, with more than 61 […]

Wind turbines in Bozcaada, Turkey. The country wants to strengthen its renewable energy sector by developing the solar power market

Turkey’s renewables scheme given $1bn by World Bank

The World Bank has signed a $1 billion programme with Turkey to fast-track the nation’s renewable energy expansion initiatives. The financing comprises €600 million ($657 million) in loans from the International Bank of Reconstruction and Development, $30 million from the clean technology fund, and $3 million in grant funding from the World Bank’s energy sector management assistance […]

A worker arranges vegetables to be displayed at a market in Maadi, a suburb of Cairo, Egypt, February 26, 2024. REUTERS/Mohamed Abd El Ghany

Egyptian businesses yet to feel effect of $60bn new funding

The close to $60 billion in new funding announced for Egypt in recent months has yet to trickle down to average business people in the country, according to the results of a new monthly survey. Difficult market conditions in Egypt continued in April as the monthly S&P Global Purchasing Managers Index (PMI) slid from 47.6 […]

Egypt growth forecast Cairo street

World Bank lowers Egypt’s growth forecast again

The World Bank has downgraded Egypt’s growth forecast for the current fiscal year to 2.8 percent, the lowest for 11 years, despite recent investment in the country of nearly $60 billion. In its latest Middle East and North Africa economic update, the bank blamed “sluggish industrial sector performance” and the effects of war in the […]

Real GDP growth projection for the UAE was revised to 3.9 percent this year, up from 3.7 percent

World Bank raises UAE’s economic growth outlook

The World Bank has raised its UAE economic growth forecast for 2024 and 2025, citing robust non-oil sector growth and higher oil output. The real GDP growth projection for the Gulf state was revised to 3.9 percent this year, up from its previous forecast of 3.7 percent in January, the World Bank said in its […]

The UAE wants dialogue to address the ripple effects of geopolitical challenges on global trade

UAE to advance talks on debt sustainability at global event

The UAE’s finance ministry intends to advance discussions on global macroeconomic stability and debt sustainability at the 2024 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG). The spring meetings will be held in Washington, D.C., from April 15 to 20. The UAE will also promote a dialogue to address […]

Mohamed Maait, Egypt's finance minister, at an IMF/World Bank meeting in Marrakech on October 13. He said Cairo's panda bonds had a low interest rate of 3.5%

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 […]

Turkey's green fund will provide financing to businesses, promote investment in green technologies and diversify the financial sector Turkey green fund

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 […]

An Israeli tank near the border with the Gaza Strip. The World Bank cautioned that the cost of crude could enter 'uncharted waters'

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 […]

An IMF mission plans to visit Tunisia to assess economic developments, said IMF Middle East and Central Asia director Jihad Azour

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 […]