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Fresh financing deal: Egypt gets $1.5 billion from ITFC to finance petroleum & basic commodities imports

The International Islamic Trade Finance Corporation (ITFC) will provide Egypt with $1.5 billion, a new financing agreement earmarked for imports of petroleum and basic commodities. Hani Sonbol, ITFC CEO announced the agreement to Bloomberg Asharq adding that the amount includes $800 million for petroleum imports and $700 million for basic commodities. The new deal is […]

Bloomberg no longer considers Algeria an oil country

The sinking oil and gas revenues of Algeria no longer make it an “oil country” on par with Libya or Gulf countries, wrote financial news agency Bloomberg. Bloomberg, citing a number of Algerian experts and former officials warning of the dwindling export capacity of the country, stated that in ten years Algeria will be incapable […]

Egypt : Constitutional committee in shambles as deadline nears

Egypt’s 50-member constitutional committee is almost on the verge of finalizing the constitution but continues to be delayed by “some differences” in within, committee Spokesman Mohamed Salmawy stated. 10 members of the committee walked out of sessions after brutal police interventions to disperse protesters under the new law which restricts public protests. Tamarod also released […]