The World Bank approved on Wednesday a $275 million loan for Morocco to enable the country better deal with the impacts of natural disasters and climate-related shocks, and to upgrade its institutional framework for disaster risk management. The loan will “help Morocco develop a comprehensive framework for disaster risk management, building on a previous World […]
Egyptian and foreign banks will provide loans at lower rates to private sector industry under an initiative worth 100 billion pound ($6.2 billion) launched Wednesday to boost local production, Bloomberg reports. Under the initiative, the loans will be granted at an interest rate of 10 per cent to factories with sales under 1 billion pound. […]
Egypt targets a growth rate of 6.4 percent during the fiscal year 2020/2021. The information was given by the Minister of Finance, Mohamed Ma’it, on November 11 and reported by egypttoday.com. According to the media, Ma’it also declared in the preliminary statement for the next fiscal year, that the government aims to reduce the overall […]
The World Bank forecasts Egypt’s economy would grow by 5.8% this fiscal year. The projection is lower than the government’s target of 6-7%. In a country note released last weekend, the World Bank inched up its growth estimate for Egypt’s gross domestic product (GDP) in the last fiscal year to 5.6% from 5.5%, matching the […]
King Mohammed VI stressed the social role that Banks and financial institutions have to play in supporting Morocco’s development efforts through notably facilitating access of young graduates and SMEs to funding. The King insisted, in a speech at the opening of the Parliament’s fall session, that banks and financial institutions should be at the heart […]
Russia’s sovereign wealth fund has opened an office in the kingdom, a move Moscow describes will boost cooperation in a wide range of areas. The opening of the Russian Direct Investment Fund (RDIF) office is coming few days before the expected visit of the Russian leader, Vladimir Putin. The Russian President should visit the Gulf […]
Saudi Arabia’s stock exchange Tadawul has received the approval to list foreign companies operating in the kingdom or in the region, Trade Arabia reports. The Capital Market Authority, the Bahrain-based media reports, has approved the new listing regulations as well as conditions tied to companies listing. According to the amended laws, foreign companies will be […]
Sanabil Investments, a subsidiary of the kingdom’s Fund has acquired 49 per cent of New York-based Consulting firm, Richard Attias & Associates (RAA), reports say. The amount of the deal has not been revealed but the acquisition follows Richard Attias & Associates early this year purchase of 49 per cent of advertising firm WPP agreed […]
Saudi Arabia will inject about $100 million investments in India’s petrochemical, energy, mining and several other sectors, the Saudi ambassador to the country has revealed. Dr Saud bin Mohammed Al Sati told Indian largest news agency PTI that the kingdom is looking to make investments worth $100 million as it seeks to expand its trade […]
The United Arab Emirates has partnered with FAO to provide $4 million in funding to foster rural development in Liberia. The contribution comes from the UAE’s Ministry of Foreign Affairs and International Cooperation, and aims to support 1,500 rural women in three counties with improved and sustainable poultry and vegetable production, the FAO said in […]