Libya ranked sixth in Africa in fuel consumption, while it ranked 48th in the world, according to a report published by the “Business Insider Africa” website.

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According to the report, Egypt tops the African list with a consumption of 802 thousand barrels per day, followed by South Africa with 660 thousand barrels, then Algeria with 428 thousand barrels, Nigeria with 316 thousand barrels, and Morocco with 286 thousand barrels.

The report revealed that fuel consumption in Libya is constantly increasing despite the scarcity that the local market suffers from, especially in the south and border areas.

Fuel smuggling is one of the most prominent problems facing successive Libyan governments, as none of them has been able to put an end to this ongoing phenomenon in light of the high daily fuel consumption.

Fuel smuggling in Libya is due to several reasons, including the large difference in fuel prices between Libya and neighboring countries, as Libya is ranked second in the world on the list of countries with the cheapest gasoline prices.
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#Africa_news #Algeria #Egypt #Farhat_Ben_Qaddara #Fuel_Consumption #Fuel_Smuggling #Interim_Government_of_National_Unity #Libya_News #Morocco #National_Oil_Corporation_of_Libya #Nigeria #South_Africa #World_Bank

The World Bank raised its forecast for Egypt’s economic growth to 4.2% during the fiscal year 2024/2025, indicating that the “Ras El Hekma” deal that Egypt concluded with the UAE will enhance investment and support growth rates.

A recent report issued by the World Bank stated that global interest rates “will remain at double the average in the period from 2000 to 2019, which will curb growth and increase debt pressures on emerging market countries borrowing in dollars.”

The report indicated that “the economies of countries that represent 80% of the world’s population and their gross product will grow at a slower pace than before the Corona pandemic until 2026.
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#Corona_Pandemic #Economic_Growth #Egypt_News #Egyptian_economy #Global_Growth #Indermit_Gill #Interest_Rates #Ras_El_Hekma_Deal #UAE #World_Bank

Egyptian Minister of International Cooperation, Rania Al-Mashat, announced that Egypt has finished preparing a reform package in cooperation with the European Union, and it will be discussed during a conference to be held in Cairo at the end of this month.

She stressed that the financial support packages from the World Bank and the European Union depend on a matrix of structural reforms.

Al-Mashat indicated that Egypt relies on a governance system to obtain funds and explained that it does not expect to obtain European Union support before the end of this year, given the constitutional procedures necessary for the agreement to enter into force.
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#BRICS #Egypt #Egypt_News #Egypt_s_Economy #Egypt_s_foreign_loans #Egyptian_Minister_of_International_Cooperation #European_Union #European_Union_s_aid_to_Egypt #Rania_Al_Mashat #World_Bank

Morocco has succeeded in achieving a distinguished position among the top ten countries in the world in attracting international public financing for renewable energy projects.

According to a report issued by a group of international organizations, Morocco ranked ninth, receiving a total of $5.6 billion between 2010 and 2022.

The report, prepared by the International Energy Agency (IEA), the International Renewable Energy Agency (IRENA), the World Bank, the United Nations Statistics Division (UNSD), and the World Health Organization (WHO), tracks progress towards achieving the UN Sustainable Development Goals (SDGs).

The majority of the funding Morocco received was directed towards solar energy projects, followed by wind energy projects and other renewable energy sources, including hydropower.
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#Egypt_News #Global_Health_Organization #Hydropower #India #International_Energy_Agency #International_Renewable_Energy_Agency #Middle_East #Morocco_News #North_Africa #Renewable_Energy #Solar_Energy #United_Nations #United_Nations_Statistics_Division #Wind_Energy #World_Bank

The World Bank decided to provide financial support amounting to $700 million to Egypt, as part of a program aimed at enhancing macroeconomic stability and supporting sustainable growth.

These funds, allocated within the Development Policy Financing Program, will help the Egyptian government implement structural reforms to create an attractive business environment for investments and stimulate the private sector.

The financing comes in the context of supporting the Egyptian government’s efforts to overcome short-term economic challenges and facilitate the transition towards green transformation.

The program includes promoting the use of renewable energy, improving the efficiency of the electricity sectors, and restructuring the governance of government companies.

The Minister of International Cooperation and Governor of Egypt at the World Bank Group, Dr. Rania Al-Mashat, confirmed that this program represents part of Egypt’s commitment to implementing economic and structural reforms aimed at laying the foundations of a competitive economy led by the private sector and supporting environmental transformation.
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#Dollar #Egypt #Egyptian_economy #Egyptian_Government #Renewable_Energy #Stephane_Gimpert #World_Bank

The World Bank’s Vice President for North Africa and the Middle East, Osman Dion, stressed the continuity of assistance to Tunisia in implementing its comprehensive programs that enhance human capital and support food, water, and energy security.

During a meeting with Tunisian Prime Minister Ahmed El Hachani at the Government Palace in the Kasbah, on an official visit to Tunisia lasting several days, the two parties discussed the progress achieved in the projects currently funded by the Bank and explored future prospects for cooperation.

Al-Hashani also chaired an expanded working session that included a delegation from the World Bank and a number of Tunisian ministers, where the current and future programs supported by the Bank were discussed.
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#Agriculture #Ahmed_Al_Hashani #Energy #Food_Security #Italy #Osman_Dion #Tunisia #Tunisian_Economy #Water #World_Bank

Morocco signed, on Monday, a financing agreement worth $350 million with the World Bank, to support a series of institutional reforms and improvements in the public contracting sector over the next five years.

The agreed upon program seeks to achieve tangible improvements in the efficiency and effectiveness of public institutions, while enhancing the vital role of the private sector in investment and creating a fair competitive environment. The program also includes initiatives dedicated to confronting the climate challenges affecting the country.

The Moroccan Minister of Economy and Finance, Nadia Fattah, stressed the importance of this partnership with the World Bank, noting that this agreement reflects exemplary relations and constructive cooperation between Morocco and international financial institutions.
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#Contracting #Infrastructure #Moroccan_Ministry_of_Economy_and_Finance #Morocco #Nadia_Fattah #World_Bank

The representative of the World Bank in Chad, Rasit Bertif, and the Chadian Minister of Finance and Economy, Tahar Hamid Nguelin, signed a financing agreement for the Productive Social Networks project.

This signing came after the project was approved on June 21, 2024, which includes $100 million in financing by the International Development Association, in addition to an additional $20 million in support from the Multi-Donor Trust Fund for the Adaptive Social Protection Program in the Sahel.

Bertif emphasized that the project aims to increase access to social networks for poor and vulnerable populations in Chad, in addition to supporting refugees and strengthening the country’s social protection system.
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#Chad #Ennedi_Oriental #Kanem #Logone_Oriental #Mayo_Kbbi_Occidental #Ouadaye #Rasit_Bertif #Salamat #Sila #Tahir_Hamid_Nguelin #Wadi_Fira #World_Bank