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 parliament has already ratified the deal on construction of ‘TurkStream’ natural gas pipeline
The September rate was revised to 9.9 percent from the 10 percent first given last month.
Many analysts had expected the producers' cartel to fail to reach a deal as major players like Iran, Iraq and Saudi Arabia remained divided ahead of the meeting.
The report, which collects views of economists, business contacts and others in the 12 Federal Reserve districts in preparation for the monetary policy meeting next month, noted improved retail sales and home construction in most regions.
If the cartel does not reach a deal to cut output, prices could fall below $40 a barrel
European air travel giant Lufthansa has been battling its own pilots over pay and conditions for more than two years.
Failure to get an accord on Wednesday could send oil prices tumbling and deal a further blow to the credibility of the 56-year-old Organization of the Petroleum Exporting Countries.
Around midday, shares in Italian lenders Unicredit and Banco Popolare were down 4 percent compared with Friday's closing levels.
Officials on Friday's said the tie-up between the Hong Kong and Shenzhen markets will start on December 5.
The announcement comes as the country is gearing up for a key election next year, with the parties in Chancellor Angela Merkel's grand right-left coalition keen to woo ageing voters.
The weak inflation data -- core prices excluding fresh food fell 0.4 percent from a year ago -- come several weeks after Japan's central bank pushed back the timeline for hitting its 2.0 percent inflation target.
Roberto Azevedo says he is 'ready to talk' to US President-elect who has promised to pull US out of other trade agreements
The Ifo's headline business confidence index reached 110.4 points in November, unchanged from the October reading, and the highest level since April 2014.
More than 900 flights scheduled for Thursday cancelled as strike by pilots enters second day
Gross domestic product was expected to grow by only 1.4 percent next year -- sharply down from the prior estimate of 2.2 percent given in March.