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Egypt: ITFC earmarks $1.1bn for energy, internal trade funding in 2020

The International Islamic Trade Finance Corporation, IFTC, has allocated to Egypt $1.1 billion destined to fund the energy sector and internal trade in 2020, Egypt Today reports. Minister of Trade and Industry Nevine Gamea who made the announcement said $700 million of the funding will go to the energy sector, and $400 million to internal […]

Egypt: Suez Canal authority raises transit fees for oil tankers to 15%

The Suez Canal Authority announced Tuesday it will temporarily raise fees levied on tankers carrying crude oil and petroleum derivatives for ships transiting the waterway in both directions from the beginning of May. Egypt’s Suez Canal Authority has temporarily raised a surcharge levied on tankers carrying crude oil and petroleum derivatives transiting the canal in […]

S.Africa slams U.S. tariffs as ‘desperate empire’s last kicks’ amid wider African pushback

South African Mineral Resources Minister Gwede Mantashe has sharply criticized the 30% tariffs imposed by the U.S. on South African exports, calling them a symptom of a “declining empire” lashing out in desperation. “The danger with the US imposing the 30% tariffs is that it is the kicking of a declining empire,” Mantashe told industry […]