Egypt Secures Over $2 Billion in International Financial Support for Structural Reforms During the recent Egyptian-European Investment Conference, Egypt successfully negotiated a significant financial accord amounting to EUR1 billion ($1.069 billion) with the European Union. This agreement marks the commencement of a more substantial €5 billion financial commitment, scheduled to commence disbursements in the latter half of 2024. The European Union has pledged extensive macroeconomic and budgetary support, with the remaining €4 billion expected to be released over the period from 2025 to 2027. In a broader framework of international financial cooperation, Egypt has secured an aggregate of $2 billion…
Author: BRICS+ News Services
Egypt Secures Over $2 Billion in Financial Support to Bolster Private Sector Growth CAIRO – In a significant economic development, Egypt has successfully secured a robust financial package of $2 billion from prominent international development partners, including the World Bank (WB), the European Union (EU), the African Development Bank (AfDB), and South Korea. The announcement, made by Egypt’s Minister of International Cooperation, Rania Al-Mashat, highlights a concerted effort to strengthen structural reforms designed to invigorate the nation’s private sector. World Bank’s Significant Contribution The World Bank Group has committed to a substantial financing package amounting to $700 million. This initiative…
Hungarian Prime Minister Viktor Orban has sharply criticized Ursula von der Leyen’s leadership as President of the European Commission, contending that her five-year tenure has been historically detrimental to the European Union (EU). His call for her replacement underscores a growing discontent within member states about the direction of EU policies and governance. In an interview with the German media conglomerate Funke, Orban stated that the EU’s green transition initiatives have undermined economic and industrial interests across the bloc. He further criticized the migration policies implemented under von der Leyen’s administration, describing them as entirely ineffective. This sentiment echoes a…
Saudi Arabia’s Tourism Expansion Balances Modernization with Tradition Riyadh, Saudi Arabia – The ambitious development of entertainment hubs such as Red Sea Global and the Qiddiya project near Riyadh may introduce more liberal amenities to cater to international tourists while maintaining religious sensitivities, according to Saudi political commentator Salman al-Ansari. Speaking to This Week in Asia, al-Ansari emphasized that any changes would be carefully managed to ensure they align with Saudi societal values. "Any such changes will likely be carefully managed to ensure they align with Saudi societal values," he said. Once a closed society that only welcomed foreign Muslim…
Egypt’s International Reserves Soar to $40.361 Billion Amid NFA Deficit Reduction In a notable development, the Central Bank of Egypt (CBE) has reported a substantial increase in the country’s international reserves, which surged to $40.361 billion at the end of March 2024, up from $35.311 billion in February. This $5.05 billion rise highlights the nation’s endeavors to bolster its financial stability and attract investor confidence. NFA Deficit Hits Two-Year Low Simultaneously, Egypt’s net foreign assets (NFA) deficit witnessed a dramatic reduction in March, marking its lowest point in over two years. By the end of March, net foreign assets had…
Trump Finalizes VP Shortlist Ahead of GOP Convention: A Historical Decision Looms Atlanta, GA — As the Republican National Convention approaches, former President Donald Trump has whittled down his vice presidential shortlist to a select few contenders, setting the stage for a pivotal announcement that could come just days before — or potentially even at — the convention next month. Trump, addressing reporters on Saturday, confirmed that he has already made his decision and hinted that the chosen candidate will be present this Thursday night in Atlanta for the first debate of the general election campaign against Democratic President Joe…
In recent weeks, the president has mandated sweeping changes to the country’s military establishment, actions that notably align with some of the pre-mutiny demands previously articulated by Prigozhin. Such changes have manifested in the removal of Defense Minister Sergei Shoigu and the arrest of several senior military figures on corruption charges. This reshuffling marks a significant divergence from the president’s stance a year ago when he staunchly supported his defense chiefs amidst allegations of corruption and incompetence, especially regarding the mishandling of the Ukraine invasion. The appointment of Andrei Belousov, a technocratic economist, as the new defense chief rather than…
Egypt Suspends Licenses of 16 Tour Companies Following Hajj Deaths Cairo, June 22, 2024 — In response to the tragic deaths of hundreds of pilgrims in the sweltering desert heat during the annual Hajj pilgrimage to Mecca, the Egyptian government announced on Saturday the suspension of licenses for 16 tour companies. These companies facilitated travel for some pilgrims to Saudi Arabia. This year’s pilgrimage witnessed a death toll of at least 450 individuals, with temperatures soaring between 108°F to 120°F (42°C to 49°C). However, the actual number of fatalities may rise as more accurate reports emerge from various governments. Egypt…
The United Arab Emirates (UAE) recently took part in the BRICS Tourism Ministers’ Meeting held in Moscow, underscoring its commitment to international tourism collaboration and economic diplomacy. This participation marks a significant milestone in the UAE’s ongoing efforts to strengthen ties with the BRICS nations—Brazil, Russia, India, China, and South Africa—particularly in the sphere of tourism, which is a vital component of the global economy. Historically, BRICS has served as a powerful consortium, representing over 40% of the world’s population and approximately 25% of global GDP. The inclusion of the UAE in this meeting signifies a strategic movement towards broader,…
Historic Coalition in South Africa: A Beacon of Unity or Revival of Racial Tensions? CAPE TOWN, South Africa (AP) — In a nation where the scars of racial segregation run deep, South Africa’s new coalition government has presented an image of unity, symbolized by the coming together of President Cyril Ramaphosa, a Black leader from the African National Congress (ANC), and John Steenhuisen, a white leader from the Democratic Alliance (DA). This coalition, however, has inadvertently rekindled some of the country’s profound racial divides. A week ago, the ANC, which liberated South Africa from apartheid in 1994 under the leadership…