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.
The group reported a net loss of 68 million euros ($74 million) between January and March, compared with an 8-million-euro loss in the same period last year.
Exchange rate dipped to as low as 3.56 points for first time in 8 weeks
Sales progressed 7.0 percent to 13 billion euros ($14.2 billion), the aeronautics giant said. For 2017, it forecast the delivery of more than 700 commercial aircraft, up from 688 in 2016.
Late liquidity lending rate increases to 12.25 percent; overnight borrowing and lending rates unchanged
Nasdaq climbs above 6,000 points for first time in history
BIST 100 index hits new record high on Wednesday morning; US dollar/Turkish lira rate stands around 3.58
BIST 100 index starts Tuesday with a new record high; US dollar/Turkish lira rate stands at around 3.57
Borsa Istanbul's BIST 100 index exceeds 93,400 points during Monday transactions
The French vote was being closely watched as a bellwether for populist sentiment following the election of Donald Trump as US president and Britain's vote to leave the EU.
IFC CEO Philippe Le Houerou said the fund will "lower the risk for the private sector and attract new investors -- essentially creating a market where there was none."
BIST 100 index opens 0.67 percent higher, US dollar/Turkish lira rate stands at around 3.64
Tightening monetary policies will continue to achieve lower inflation levels, Murat Cetinkaya says
Company will manage operations in 65 countries through Turkey, says head of healthcare group
"We might have to extend in order to reach the target... of stock levels," Khalid al-Falih told an energy forum in Abu Dhabi, referring to a deal between OPEC and non-OPEC producers to cut production by around 1.8 million barrels per day.
BIST 100 index opens 0.40 percent higher; US dollar/Turkish lira rate stands at around 3.66