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.
Volatility of Turkish lira and recovering oil prices are key issues for revision of inflation forecast
Gross domestic product expanded in the third quarter of the year, although slightly weaker compared with growth of 0.7 percent in the three months to the end of June, when Britain voted in a referendum for Brexit.
Binali Yildirım touts Turkey's strong, stable political administration, saying it will offer incentives for investment
Ministers meet in Ankara to discuss boosting trade volume from $10 billion to $30 billion
The 3 countries are agreed to expand scope of free trade deals by 2017, says Turkish economy minister
Under current conditions, the IEA expects global output to exceed demand until the second half of 2017, Fatih Birol told journalists on the sidelines of an energy conference in Singapore.
The decision comes as the steel arm of the sprawling $100 billion conglomerate struggles to offload its loss-making British assets while its carmaking business continues to be plagued by weak sales.
Water quality and shortages also remain threat to health of many with onset of diseases
Bank expects ‘solid rise in energy prices, led by oil' next year
Bank of Uganda Governor Emmanuel Tumusiime-Mutebile said in a statement the bank would remain open, continue to operate normally and that the central bank would protect deposits.
Four presidents meet, but hopes of diplomatic breakthrough for cease-fire in eastern Ukraine remain low
Having taken years to negotiate, some producers voiced impatience for the deal to now be finally sealed; others simply fail to see why anyone would reject it.
"The value of this project will be $10 billion with a final production level of 600,000 barrels of oil per day," he said in Tehran.
Bangladesh has been one of the worst victims of global warming, with thousands of people being killed by cyclones in recent years that have become more frequent and deadlier.
Exporting Israeli gas via Turkey to Europe is viable option, says Israeli Energy Minister
French energy group EDF views Turkey as 'growth country' with more room for nuclear, renewable and hydro projects, VP says