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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 […]

A currency exchange in Sidon, Lebanon. The country is replacing its old currency exchange platform with a new one run through Bloomberg

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 […]

Turkey Saudi

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 […]

Mohamed Saif Al Suwaidi, director general of the Abu Dhabi fund, visits an agricultural business in KIZAD

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 […]

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 […]

$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 […]