World Bulletin/News Desk
Electricity Minister Ahmed Imam on Wednesday said that the OPEC Fund for International Development (OFID) had agreed to help finance three major electricity projects in Egypt.
Speaking by phone, the minister told Anadolu Agency that the OFID had agreed in principle to contribute to the funding of the three projects and would formally sign the deal in October.
The minister did not provide details about the size of the fund's expected contributions.
Established by OPEC member states in 1976, OFID is a joint initiative devoted to providing aid to developing countries.
In recent months, Egypt has suffered numerous electricity cuts due to high summertime energy consumption and shortages of the fuel needed to run the country's power plants.
The Egyptian government is currently looking into means of reducing a widening electricity production deficit, which officials put at between 2,000 and 2,500 megawatts daily.
Turkish economy minister says growth will 'most likely' surpass 7 percent in first quarter of 2018
Net profit at the Frankfurt-based group fell 79 percent year-on-year to 120 million euros ($146 million).
BIST 100 index falls by over 2 percent at close, going down some 2,600 points from previous close
Policy rate, also known as one-week repo rate, remains same at 8 percent; lending rate rises 0.75 percent points
BIST 100 increases 0.29 percent; US dollar/Turkish lira exchange rate stands at 4.0850
Local units operating in manufacturing industry work at 77.3 pct capacity in April, says Central Bank
Public sector net borrowing falls by 3.5 billion pounds in 2017-18 financial year, says Office of National Statistics
Indices for service, retail trade, construction sectors fall in current month compared with March: Official data
Data monitoring company IHS Markit also flagged a slight slowdown in France, where strikes were interrupting a resurgent boom on the back of government reforms.
Treasury reports central government debt stock in March rises around 15 pct year-on-year, reaching nearly $235 billion
Sales to foreigners amounted to 1,827, 15.8 pct rise year-on-year, according to official report
BIST 100 slips 0.15 percent; US dollar/Turkish lira exchange rate stands at 4.0460
BIST 100 rises 0.01 percent; US dollar/Turkish lira exchange rate drops to 4.0250
Fresh hopes that Donald Trump and North Korea's leader Kim Jong Un will hold a historic summit within months also provided some much-needed optimism.
The fund cautioned that investors and financial markets expect a steady approach to monetary tightening based on the belief inflation will remain relatively tame.