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5-Year Cooperation Plan between Tunisia, EBRD

The headquarter of the European Bank for Reconstruction and Development ( EBRD) is seen in London, Britain, November 22, Britain 2016. REUTERS/Stefan Wermuth
The headquarter of the European Bank for Reconstruction and Development ( EBRD) is seen in London, Britain, November 22, Britain 2016. REUTERS/Stefan Wermuth
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5-Year Cooperation Plan between Tunisia, EBRD

The headquarter of the European Bank for Reconstruction and Development ( EBRD) is seen in London, Britain, November 22, Britain 2016. REUTERS/Stefan Wermuth
The headquarter of the European Bank for Reconstruction and Development ( EBRD) is seen in London, Britain, November 22, Britain 2016. REUTERS/Stefan Wermuth

The European Bank for Development and Reconstruction has discussed with Tunisia a five-year economic strategy that would consolidate financial and technical cooperation between the two sides until 2023.

The discussions took place in Tunis between Tunisia’s Minister of Development, Investment and International Cooperation Ziad Ladhari and EBRD Managing Director for the Southern and Eastern Mediterranean region Janet Heckman.

Ladhari said following the talks that setting the strategy would contribute greatly to the improvement of cooperation between the two sides, which would reflect positively on the Tunisian economy.

Since September 2012, when EBRD operations began in Tunisia, the Bank has invested millions in dozens of projects in the country.

In December 2017, the EBRD provided Banque de Tunisie with a financing package that consists of a €50 million loan for on-lending to small and medium-sized enterprises (SMEs).

As part of its continued support to Tunisia’s expansion of international and intra-regional trade, EBRD provided this week a US$20 million trade facility to Banque de Tunisie under its Trade Facilitation Program.

According to EBRD, the trade finance line will allow Banque de Tunisie to issue guarantees in favor of international commercial banks covering the commercial payment risk of the transactions undertaken by the Tunisian bank.

“This EBRD facility will help Banque de Tunisie to support its Tunisian clients and allow international trade flows to grow, which will contribute to the overall economic growth of the country,” Heckman said.

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Greece… Chevron’s Gateway to Strengthening Europe’s Energy Security

The lease allows Chevron to lead the search for gas in four deep-sea blocks, south of the Peloponnese peninsula and the island of Crete (AFP)
The lease allows Chevron to lead the search for gas in four deep-sea blocks, south of the Peloponnese peninsula and the island of Crete (AFP)
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Greece… Chevron’s Gateway to Strengthening Europe’s Energy Security

The lease allows Chevron to lead the search for gas in four deep-sea blocks, south of the Peloponnese peninsula and the island of Crete (AFP)
The lease allows Chevron to lead the search for gas in four deep-sea blocks, south of the Peloponnese peninsula and the island of Crete (AFP)

A consortium led by US oil major Chevron signed exclusive lease agreements on Monday to look for natural gas off southern Greece, expanding the United States' presence in the eastern Mediterranean. The deal doubles the amount of Greek maritime acreage available for exploration and is the second in months involving a US energy major as the European Union seeks to phase out supplies from Russia and the US seeks ‌to replace them.

Exxon ‌Mobil in November joined Energean and Helleniq to search ‌for ⁠gas in another ⁠offshore block in Western Greece. Monday's agreement allows Chevron - which also plans to expand production in Israel - to lead the search for gas in four deep-sea blocks, south of the Peloponnese peninsula and the island of Crete, stretching across 47,000 square kilometers (18,147 square miles). It follows Chevron and Helleniq Energy, Greece's biggest oil refiner, last year winning an international tender.

GREECE SEEKS TO BE A GATEWAY FOR US GAS

Greece, which ⁠has no gas production and relies on gas imports ‌for power generation and domestic consumption, has revived ‌its quest for gas exploration after a 2022 energy price shock driven by Russia's ‌invasion of Ukraine. It also aims to be a gateway for US ‌liquefied natural gas transported via the Vertical Gas Corridor, a route that carries gas from Greece to central Europe and Ukraine. US Ambassador to Greece Kimberly Guilfoyle said US LNG flowing through Greece had strengthened the alliance between the United States and Europe.

"It redraws, ‌quite simply, the energy map of Europe, creating a durable alternative to Russian gas not just for one season ⁠but for generations ⁠to come," Guilfoyle said during a presentation of the contracts in Athens. The European Union is building renewables capacity to cut greenhouse emissions, but has acknowledged the need for natural gas as a transition fuel to help stabilize the grid when intermittent wind and solar energy are not available.

The Greek parliament will need to approve the lease contracts before the Chevron-led consortium can start seismic research later this year. Greece has said the consortium has up to five years to locate potential recoverable deposits and any test drilling would not take place before 2030-2032.

Business

Saudi Industry Minister Inaugurates Advanced Factories in Sudair 

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and officials are seen at the inauguration of one of the facilities. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and officials are seen at the inauguration of one of the facilities. (SPA)
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Saudi Industry Minister Inaugurates Advanced Factories in Sudair 

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and officials are seen at the inauguration of one of the facilities. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and officials are seen at the inauguration of one of the facilities. (SPA)

Saudi Minister of Industry and Mineral Resources and Saudi Authority for Industrial Cities and Technology Zones (MODON) Board Chair Bandar Alkhorayef inaugurated on Monday several advanced factories to produce food, pharmaceuticals, medical equipment, and construction materials in Sudair City for Industry and Businesses.

The move is part of the ministry’s efforts to localize high-value industries and boost the Kingdom’s health and food security.

The minister inaugurated the Sierra Life factory, the first facility in the Middle East specialized in producing medical foods for metabolic disorders.

The strategic investment aims to localize advanced therapeutic food production and achieve integration between the industrial and healthcare sectors to meet medical needs that previously relied heavily on imports.

Alkhorayef also inaugurated the Sudair Warehouses project, which is an important step in developing logistics and industrial infrastructure.

The project reflects the industrial sector’s commitment to supporting industrial investors, stimulating high-value investments, and enabling national supply chains, thereby contributing to the achievement of Saudi Vision 2030 objectives.

Business

Morocco's Cereals Harvest Expected to Double after Wet Winter

The previous harvest was 4.4 million tons, including 2.4 million tons of soft wheat (File Photo/AFP)
The previous harvest was 4.4 million tons, including 2.4 million tons of soft wheat (File Photo/AFP)
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Morocco's Cereals Harvest Expected to Double after Wet Winter

The previous harvest was 4.4 million tons, including 2.4 million tons of soft wheat (File Photo/AFP)
The previous harvest was 4.4 million tons, including 2.4 million tons of soft wheat (File Photo/AFP)

Moroccan grains traders and millers expect Morocco to double its cereals harvest this season after abundant winter rains, with limited impact from floods in the northwestern plains of the North African country, which is a major grains importer.

Industry leaders plan to add domestic wheat to strategic reserves this year "without compromising imports", said Moulay Abdelkader Alaoui, head of the federation of industrial millers FNM, who expects a domestic harvest of 6 million metric tons.

"We expect a good cereals harvest this year of 8 to 9 million tons, including around 5 million tons of soft wheat," Omar Yacoubi, head of Morocco's wheat trading federation FNCL, told Reuters. The previous harvest was 4.4 million tons, including 2.4 million tons of soft wheat.

Morocco traditionally cancels its wheat import subsidy and reinstates customs duties to protect the local harvest.

But this year importers, millers and traders have asked the government to extend the subsidy window to June 1, instead of May 1, to compensate for costs incurred due to bad weather.

Rainfall this winter was 34% above the 30-year average and triple the previous year's levels, while dam filling rates improved to 70% from about 25%, agriculture ministry data shows, while the total grain-planted area rose to 3.7 million hectares, from 2.6 million the year before.

Flooding in the fertile northwestern plains, which destroyed 110,000 hectares, had a "localized" impact, Yacoubi said, with wheat losses to be offset by higher yields in larger plains.

DELAYED SHIPPING

Large swells and storms since mid-December have disrupted port operations at Casablanca and Jorf Lasfar, which handle 80% of Morocco's wheat imports.

Shipping delays have weighed heavily on importers, even as international wheat prices remain below the subsidy eligibility threshold, Yacoubi said, adding that as of this week, 70 ships carrying 1 million tons of wheat were queued outside ports, leading to low stock levels.

Moroccan importers are paying about $20,000 per day for ships waiting offshore, pushing them to request an extension of the government subsidy programme.

Traditionally, only half of Morocco's harvest reaches industrial mills because small farmers retain wheat for their own use, but Alaoui said this year's plentiful rainfall should improve crop quality and encourage more collection.

French exporters expect to supply about two-thirds of Morocco's soft wheat import needs, or 3.5 million tons.

From June 2025 to January 2026, Morocco imported 7 million tons of grains, up 12% year-on-year, including 3.2 million tons of soft wheat.

During the same period, France topped Morocco's soft wheat suppliers with 2.26 million tons, followed by Argentina with 233,144 tons, Russia with 227,070 tons, Germany with 120,084 tons and the U.S. with 94,688 tons.