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2016-09-09 14:00:00

WBG BUYS EGYPT

WBG BUYS EGYPT

WBG wrote, The World Bank today disbursed US$ 1 billion to Egypt for the First Fiscal Consolidation, Sustainable Energy, and Competitiveness Programmatic Development Policy Financing (DPF). This is the first in a programmatic series of three annual development policy finance loans to Egypt in the context of the World Bank Group's Country Partnership Framework (CPF) for 2015-19. The CPF provides for a total World Bank Group support of about $8 billion during this period supporting vital sectors in the economy in order to reduce poverty and boost shared prosperity.

DPF supports the country's inclusive economic reform program. Key to this are efforts to create jobs, spur growth, and attract new investment. This is to be achieved through an enabling economic environment that puts public finances on a more sustainable footing, supports energy security, efficiency, and investment, and helps improve the business environment for small and medium enterprises through cutting red tape, reducing barriers to entry, and promoting better competition policies.

"We welcome the World Bank's support of the transformational economic reform agenda of the government. This operation is a central part of the World Bank's support to help Egypt realize its full potential and raise the living standards of all its people," said H.E. Dr. Sahar Nasr, Egypt's Minister of International Cooperation who also represents Egypt on the World Bank's Board of Governors.

"We are pleased to partner with Egypt in implementing its own home-grown economic reform program necessary for creating decent jobs, helping attract private investment, and boosting growth," said Dr. Asad Alam, World Bank Country Director for Egypt, Yemen and Djibouti, who is based in Cairo.

The World Bank finances projects for faster delivery of benefits to the people of Egypt in key sectors including social safety nets, energy, transport, water and sanitation, agriculture and irrigation, housing, health, as well as supporting employment-intensive projects and financing for micro and small enterprises. The current portfolio of the World Bank in Egypt includes 24 projects for a total commitment of about US$ 7 billion.

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Earlier: 

EGYPT:

ENI SELLS ZOHR 

СПГ РОСНЕФТИ ДЛЯ ЕГИПТА 

EGYPT & SAUDI INVESTMENT FUND 

EGYPT SEEKS MONEY 

ENI DISCOVERS EGYPT

 

WBG: 

WBG: OIL PRICES $53 - $60 

WBG: 2016: OIL PRICES $43 

WBG: GLOBAL GROWTH DOWN TO 2.4% 

WBG WANTS CENTRAL ASIA 

WBG: INDIA'S HIGH GROWTH 

WBG WANTS INDONESIA 

WBG BUYS AZERBAIJAN

 

Tags: WBG, EGYPT

Chronicle:

WBG BUYS EGYPT
2018, June, 22, 13:10:00

THE LARGEST VENEZUELA'S OIL

U.S. EIA - Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil. However, in the wake of political and economic instability in the country, crude oil production has dramatically decreased, reaching a multi-decades low in mid-2018.

WBG BUYS EGYPT
2018, June, 22, 13:05:00

U.S. DEFICIT UP FROM $116.1 BLN TO $124.1 BLN

U.S. BEA - The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.

WBG BUYS EGYPT
2018, June, 22, 13:00:00

EUROPE'S NUCLEAR INVESTMENT : €50 BLN

WNN - There are 126 operational power reactors in 14 EU Member States, providing more than one-quarter of the bloc's total electricity production. In its Communication on the Nuclear Illustrative Program (PINC) published last year, the European Commission expects nuclear to maintain its significant role in Europe's energy mix up to 2050. This would require investment of some EUR40-50 billion (USD46-58 billion) in nuclear LTO by 2050.

WBG BUYS EGYPT
2018, June, 20, 13:15:00

OIL PRICE: ABOVE $75

REUTERS - Benchmark Brent crude LCOc1 was up 50 cents at $75.58 a barrel by 0835 GMT. U.S. light crude CLc1 was 50 cents higher at $65.57.

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