عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Egypt Receives $2Bn from European Investment Bank

The logo of the European Investment Bank is pictured in the city of Luxembourg
The logo of the European Investment Bank is pictured in the city of Luxembourg
TT
TT

Egypt Receives $2Bn from European Investment Bank

The logo of the European Investment Bank is pictured in the city of Luxembourg
The logo of the European Investment Bank is pictured in the city of Luxembourg

The European Investment Bank’s (EIB) board has approved an outline finance worth €1.9 billion ($2.17 billion) for Egypt to finance projects in transport and to support the small and medium-sized enterprises (SMEs) sector, Minister of International Cooperation Rania al-Mashat announced on Sunday.

In a press statement, Mashat said the loan provides €1.1 billion for the National Authority for Tunnels (NAT) to implement three projects and allocates €800 million for the National Bank of Egypt (NBE) to back SME projects in countering the impact of COVID-19.

For the €1.1 billion loan, Mashat clarified that it supports the vital Egyptian transport sector, which contributes 4.6 percent to Egypt’s GDP and provides about 6.2 percent of job opportunities in the domestic market.

She added that the railways serve 500 million passengers annually on average, adding that the current project portfolio in the Egyptian transport sector records five billion dollars, covering 30 projects financed by the EIB, the World Bank Group, the European Bank for Reconstruction and Development (EBRD), in addition to Japan, China, Korea and France.

The new loans came as a result of the EIB’s mission visit in February, headed by EU Neighboring Countries at EIB Flavia Palanza, Mashat noted.

She said both sides discussed strategic partnership, affirming that various projects have been implemented in several sectors to support social and economic development and create job opportunities.

The EIB has introduced total finances worth around €9.7 billion since the start of the bilateral strategic partnership in 1979, while the ongoing portfolio records €2.3 billion, she stated.

According to Mashat, Egypt and the EIB agreed together through a joint statement to improve cooperation in new sectors that contribute to promoting comprehensive economic growth and private sector development.

She added that this would also contribute to the implementation of Egypt’s Vision 2030 and is consistent with the United Nations Sustainable Development Goals (SDGs).

On February 8, Egypt welcomed the EIB visiting mission, which resulted in inking a joint agreement outlining five pillars of future cooperation.

These included backing the funding of the public and private sectors, expanding the finances for the projects to provide cleaning water, sewage system, energy, transport and SMEs, as well as supporting the fight against climate change and mitigating their consequences alongside promoting the health and education sectors.

Most Viewed

 
 
Business

Oil Prices Fall after Trump Hails 'Good' Talks with Iran

FILE PHOTO: A small tanker sails near an oil refinery, in the Keihin Industrial Zone in Kawasaki, south of Tokyo, Japan March 17, 2026. REUTERS/Issei Kato/File Photo
FILE PHOTO: A small tanker sails near an oil refinery, in the Keihin Industrial Zone in Kawasaki, south of Tokyo, Japan March 17, 2026. REUTERS/Issei Kato/File Photo
TT
TT

Oil Prices Fall after Trump Hails 'Good' Talks with Iran

FILE PHOTO: A small tanker sails near an oil refinery, in the Keihin Industrial Zone in Kawasaki, south of Tokyo, Japan March 17, 2026. REUTERS/Issei Kato/File Photo
FILE PHOTO: A small tanker sails near an oil refinery, in the Keihin Industrial Zone in Kawasaki, south of Tokyo, Japan March 17, 2026. REUTERS/Issei Kato/File Photo

Oil prices fell on Wednesday after President Donald Trump said US and Iranian representatives had met for "very good" talks at the United Nations.

The international benchmark, Brent crude, and main US contract, West Texas Intermediate, dipped to $98.91 and $89.93 per barrel respectively in early Asian trade -- well below the symbolic $100 mark they have smashed repeatedly since the Middle Eat war broke out in February, AFP reported.

The three-hour meeting was "very good", "very productive" and "they have another one scheduled in the very near future", Trump told reporters as he met Ukrainian President Volodymyr Zelensky.

Trump's announcement came just hours after he delivered a bellicose address to the UN in which he said he faced a "big decision" on whether to make a deal with Iran or "annihilate the Islamic Republic and do it quickly".

Nearly seven months after US-Israeli strikes on Tehran triggered the conflict, the foes remain at an impasse, with Iran keeping the Strait of Hormuz closed and the United States persisting with a counter-blockade of Iranian ports.

"The three-hour US-Iran meeting matters because it shifts the market from pure escalation pricing toward a genuine diplomatic process, even if a final deal still looks distant," said Stephen Innes at Quintex Intel.

Trump has pledged that oil would come down "as soon as" the United States wins the war.

The dip in oil prices came as the world's biggest crude exporter Saudi Arabia reportedly rebooted operations along its East-West Pipeline -- a crucial oil export route shut down by the conflict rocking the Middle East.

Riyadh said this month that drones launched from Iraq had forced the closure of the pipeline, which it had increasingly used to bypass the lockdown of the Strait of Hormuz by Iran.

The kingdom is aiming to resume exports later this week, Bloomberg quoted a source as saying.

Business

Euro Zone Yields Fall after Iran Raises Prospect of Hormuz Reopening

Euro banknotes (Reuters)
Euro banknotes (Reuters)
TT
TT

Euro Zone Yields Fall after Iran Raises Prospect of Hormuz Reopening

Euro banknotes (Reuters)
Euro banknotes (Reuters)

Euro zone bond yields fell for a second straight day on Tuesday, hitting their lowest in almost two weeks after Iran raised the prospect of reopening the Strait of Hormuz and Washington hinted it could restart talks with Tehran, pushing oil prices lower.

Germany's 10-year bond yield, the benchmark for the bloc, fell 1 basis point to 3.44% after rising as much as 4 bps earlier in the session. It fell 7 bps on Monday as energy prices retreated.

A senior Iranian official told Reuters that the strait, which carried about a fifth of global energy supplies before the war, could reopen within seven days if the US also lifts its blockade of Iranian ports.

The official added that Iran's delegation to a UN meeting in New York this week has full authority to revive diplomacy over the conflict.

US Secretary of State Marco Rubio told NBC's "Today" show that Washington was open to speaking with Tehran.

The dip in energy prices helped pull yields lower globally after a surge in recent weeks fuelled by expectations of further interest-rate hikes to combat energy-driven inflation. Traders are pricing in around 35 bps of additional European Central Bank tightening this year, down from 40 bps on Friday.

Germany's two-year bond yield, which is sensitive to interest-rate expectations, fell 1 bp to 3.19%, following a 6-bp drop on Monday.

Rabobank senior rates strategist Lyn Graham-Taylor said lower oil prices following the Iranian comments were weighing on bond yields.

Brent crude futures were last down 1% to $100 a barrel after earlier falling to $97.40, the lowest in two weeks.

Business

Libya's NOC Says Sharara Crude Pipeline Closure Losses at 130,000 bpd

General view of the Sharara oil field in Libya (Reuters)
TT
TT

Libya's NOC Says Sharara Crude Pipeline Closure Losses at 130,000 bpd

General view of the Sharara oil field in Libya (Reuters)

Libya's National Oil Corporation said on Tuesday that the Sharara-Zawiya crude loading pipeline closure has led to daily losses of about 130,000 barrels per day, Reuters reported.

An armed military group closed valve seven on the Sharara crude pipeline to Zawiya port on Monday, resulting in a significant decline in production at the Sharara oilfield, the National Oil Corporation said in a statement.