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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, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

WBG BUYS EGYPT
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

WBG BUYS EGYPT
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

WBG BUYS EGYPT
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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